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Principal brings in new head for MPF campaign

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United States-based Principal Financial Group has reshuffled its senior management in Hong Kong as part of plans to expand in Asia and grab a significant share of Mandatory Provident Fund (MPF) business.

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The reshuffle has seen group vice-president Stephen Hamilton replace Rex Auyeung Pak-kuen as chief executive of Principal Insurance (Hong Kong).

Mr Hamilton's arrival allows Mr Auyeung to focus on the group's Asian business as managing director of Principal International (Asia) and vice-president of Principal International.

Mr Auyeung said the group was aiming to expand its pension business in the region, in markets such as Australia, Japan, Indonesia, India, Hong Kong and the mainland.

The reshuffle is also aimed at strengthening the company's Hong Kong management team ahead of next year's MPF launch.

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Mr Hamilton has 28 years pension experience with Principal, which is the largest US provider of 401(k) plans - similar to the MPF scheme.

The MPF will require 300,000 companies which do not already have a pension scheme to set up an MPF plan to cover their employees.

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