Principal hires Pimco exec to run new ETF business

Paul Kim was hired as managing director and head of exchange-traded fund strategy at Principal Global Investors. It is a new position as Principal enters the ETF business. Mr. Kim will be “responsible for the launch and growth of the Principal's active ETF business,” Principal said in a news release. (More: In possible gift to Bill Gross, Janus gets preliminary approval to offer ETFs) Mr. Kim “will help shape and execute the Principal's global ETF strategy, playing a key role in ETF product development, the building of operational and capital markets support, and the distribution and marketing of Principal ETFs,” the news release said. “He will also help develop relationships with ETF market makers, intermediaries, investors and service providers.” It is unclear when Principal plans to launch its ETFs. Principal spokeswoman Cait Suttie in a phone call said she could not provide any information beyond the release. (More: Nuveen Investments rethinks ETFs after pioneering, then abandoning, them) Previously, Mr. Kim was a senior vice president and ETF product manager at Pacific Investment Management Co., where spokesman Mark Porterfield did not immediately respond to a request for information on plans to replace Mr. Kim. Randy Diamond is a reporter at sister publication Pensions & Investments.