Three money management firms located in Des Moines, Iowa have seen related changes to their fixed-income portfolio management teams.
Kevin Croft has left Principal Global Investors to join Investors Management Group (IMG) as a v.p. and portfolio manager. Jeff Lorenzen, cio and head of fixed-income at IMG, says Croft handled Principal's core fixed-income product and its short duration fund. Calls to Principal officials were referred to a company spokeswoman, who did not respond by press time.
Croft replaces Kathy Beyer, who resigned as managing director at IMG to join the newly registered Midamerica Investment Advisory Group as a senior managing director. Beyer says the firm is gathering assets, and will look to manage institutional assets and also establish investment advisory relationships with regional mutual fund companies that want to outsource the management of their portfolios.
Beyer says Midamerica brought her on because it saw the opportunity to increase fee income in its investment management area as it looks to expand in the Midwest. "One of the reasons I left was that I saw a chance to head up a fixed-income effort and get in on the ground floor of an entity that has a promising outlook," she says. She will report to Kip Albertson, secretary and treasurer of the firm.