Principal Global Investors continues to strengthen its Asia business with two senior hires.

Principal Global Investors, the asset management arm of Principal Financial Group, has announced two key appointments for its Asia operations.

Effective immediately, Paul McConomy becomes chief administration officer for Asia and the Middle East, while Lim Kee Yap is now head of institutional sales for South and South East Asia. Both will be based in Singapore and report to Andrea Muller, chief executive for Principal Global Investors - Asia.

McConomy joined the Principal Financial Group in 2002 and most recently served as the chief operating officer for CIMB Principal Islamic Asset Management in Malaysia. Prior to that, he served for eight years as regional counsel for Principal International (Asia) in Hong Kong. In his new role, he will be responsible for oversight of compliance and legal matters in Asia and the Middle East and for deepening business cooperation with joint venture partner CIMB Group in Malaysia.

Lim most recently served as the marketing director at Absolute Asia Asset Management, an affiliated Asian equities manager of Natixis Global Asset Management. Before that, he worked for Wellington and Citi Group. In his new capacity, he will be responsible for sales and business development activities in South and South East Asian institutional markets.

Principal Global Investors is committed to expanding its business in Asia, marked recently by the naming of two portfolio managers, Shern-Ling Koh and Julian Mittag, for its global real estate arm in Singapore. In the second half of 2013, the company strengthened its Asia fund distribution unit with the hire of Jane Fung as director and head of funds distribution in Asia.