Principal Financial Group, vowing to double the business of its Invista Capital Management unit in the next five years, has named veteran consultant Rollin Woltjen to head the unit.

The Des Moines company said Monday that Mr. Woltjen, 56, will become president and chairman of the executive office at Invista, the insurer's U.S. capital management division, in October.

He is to succeed Craig Barnes, who was promoted to executive director of international products at Principal Capital Management, an umbrella organization for Invista of Des Moines, Banker's Trust of Sydney, and several smaller investment management units.

Mr. Woltjen, 56, has been an investment management consultant for 30 years. He is president of DeMarche Associates Inc., an institutional consultant and investment research firm in Overland Park, Kan., where he will remain until October.

Dennis Francis, chairman of the board at Invista and CEO of Principal Capital Management, said he was immediately impressed by Mr. Woltjen, whom he met when DeMarche was retained by Principal as a consultant.

"Rollie is a strong, experienced investment management executive who gives us a competitive edge," Mr. Francis said. "He has had experience dealing with successful management firms. He has experience consulting, and he knows the products."

He said Mr. Woltjen brings a "no-nonsense approach to investing" that has been lacking at Invista. "We needed a new level of discipline here, and that is certainly something that Rollie brings with him. To continue to be successful, we have to be aggressive and disciplined."

Principal Capital Management has $117 billion of assets under management. It manages $35 billion for domestic clients. Banker's Trust serves international clients and has $75 billion under management.

Hiring experienced portfolio managers and senior analysts is a key to meeting the Invista unit's growth target, Mr. Francis said, and Mr. Woltjen's experience with hiring will be crucial.

"It is important, given this market, not to make mistakes in hiring or in working through the hiring process," he said.

Mr. Woltjen is "a seasoned veteran" who "has learned what works and what doesn't work," Mr. Francis said. "When all is said and done, when all things are considered, that experience is what is going to help us grow."

Someone with "a Harvard MBA has a lot of technical skills, but Rollie has experience that cannot be matched," he added.

Mr. Woltjen said he is excited about working at Invista. "I've worked on projects with a number of senior people at Principal Capital Management over the past couple of years. Those experiences have given me insight into the organization and its people. This is a great opportunity to be a part of a growing organization."

He has been president of DeMarche for five years. Before that he was an executive vice president at Boatmen's Trust Co., a St. Louis asset management firm, where he worked for 10 years. At Boatmen's, he managed investments and increased assets from $12 billion to $70 billion. Before that he was a consultant at A.G. Becker for 15 years.

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