KUALA LUMPUR (Dec 13): CIMB-Principal Asset Management Group, which is jointly owned by US-based Principal Financial Group and CIMB Group Holdings Bhd, has named Juan Ignacio Eyzaguirre Baraona as its new chief executive officer for the Asean region.

His appointment is subject to approvals by Securities Commission Malaysia and the Immigration Department, said CIMB-Principal Asset Management Group in a statement today.

He will be replacing Alejandro Echegorri, who has held the Asean CEO role since March 2015. Echegorri will be assuming the role of chief investment officer for Principal International in Asia, effective February 2019.

In his new role, Baraona will oversee businesses across the region, including CIMB-Principal Asset Management Bhd and CIMB-Principal Islamic Asset Management Sdn Bhd in Malaysia, PT CIMB-Principal Asset Management in Indonesia, CIMB-Principal Asset Management Company Ltd in Thailand, and CIMB-Principal Asset Management Pte Ltd in Singapore.

"This is an exciting time for CIMB-Principal Asset Management as we grow our presence in Southeast Asia. Juan's 30 years of leadership experience in asset management, banking, insurance and pensions will help us to strengthen our long-term savings, investments and retirement solutions across the region," said president of South Asia and India for Principal International, Pedro Borda.

As for Echegorri, he will, in his new role, collaborate with investment teams throughout the CIMB-Principal Asset Management group of companies and across Asia to help Principal enhance its focus on delivering improved performance for its customers, stakeholders, and investors, said Principal International's CEO and president, Luis Valdes.

CIMB-Principal Asset Management Group has RM80 billion in assets under management as of October 2018, and is one of the largest asset managers in the region offering total asset management solutions.