U.S.’ Principal Financial Invests in Chinese Pension Manager

What’s new: U.S.-headquartered Principal Financial Group Inc. has acquired a minority stake in China Construction Bank Pension Management Co. Ltd. (CCBP), making it the first foreign company to invest in a bank-sponsored Chinese pension manager.

The U.S. financial services firm has become the second-largest shareholder of the pension manager with a 17.6% stake, which had been approved by the China Banking and Insurance Regulatory Commission, both companies announced on Friday.