Principal Financial to market funds in China

Principal Financial Group Inc, one of the biggest sellers of 401k retirement plans in the US, said on Sunday it has entered into a joint venture to market mutual funds in China, Reuters reported. The venture, CCB-Principal Asset Management, will be 65% owned by China Construction Bank, 10% owned by China Huadian Group, and 25% owned by the Principal Financial Group and will be headquartered in Beijing.