The Principal Financial Group is purchasing a 60 percent indirect ownership stake in Claritas Administração de Recursos Ltda./Claritas Investments, Ltd., a leading Brazilian mutual fund and asset management company with more than the equivalent of $27 billion in assets under management.

The Sao Paolo-based company manages equity funds, balanced funds, managed accounts and other strategies for affluent clients and institutions through its multi-channel distribution network.

"Entering the Brazilian mutual fund and asset management market has long been a strategic priority for The Principal and we are pleased to partner with the talented team at Claritas," said Luis Valdes, president and CEO of Principal International. "The company's strong management team, solid investment track record, value added products for Brazilians and potentially international customers, and diversified distribution through financial advisors are all important competencies as we continue to grow our mutual fund and asset management business in Latin America."

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