There are two new faces at Principal Funds. The asset manager hired Michael Schaefer as regional director for upstate New York and western Pennsylvania and John Merante as portfolio strategist. Both posts are new, according to company spokeswoman Jaime Naig.

John Merante Principal Funds Portfolio Strategist

Schaefer, based out of Manlius, New York, started at Principal in July and reports to Bret Bussanmas, regional vice president. He previously covered upstate New York and northern and southwestern Pennsylvania at Delaware Investments.

Delaware Investments spokeswoman Marlene Petter told The MFWire that Delaware's eastern divisional sales manager did an evaluation of Schaefer's former territory and plans to replace him with two associate regional directors later this year.

The other recent hire at Principal is Neuberger Berman alum Merante, who, like, Schaefer, joined in July. Merante reports to Dave Reichart, head of business development.  

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