Mumbai, July 2: Principal Asset Management Company today formally changed its name to Principal PNB Asset Management Company following its alliance with Punjab National Bank and Vijaya Bank.

In the new firm, Principal Financial Group holds 65 per cent, PNB 30 per cent and 5 per cent lies with Vijaya Bank. The AMC has targeted a three-fold growth in assets under management to about Rs 15,000 crore in the next two years.

PNB chairman S. S. Kohli said the tieup would introduce new avenues to meet customers’ demands. The company is expecting a good response from a wider base of investors, including small towns, he added.

The alliance would enhance the company’s distribution and marketing network, said US-based Principal International’s president Norman Sorenson.