Prudential Financial Inc. (PRU), the second-largest U.S. life insurer, named Roy Henriksson chief investment officer of Quantitative Management Associates, the unit that oversees $83 billion for clients including pension funds and endowments.
Henriksson is a former professor who was previously CIO of Advanced Portfolio Management, according to the Newark, New Jersey-based insurer. He replaces Margaret Stumpp, who will become a senior adviser, the company said today in a statement. The unit uses mathematical models to identify mispriced securities, among other strategies, and has about 36 investment professionals, according to its website.
“Roy, whose research has informed our own processes over the years, brings deep knowledge and experience with finance theory, equity investing, asset allocation, and risk management,” Scott Hayward, chief executive officer of QMA, said in the statement.
Prudential is focusing on asset management and retirement services after striking deals to exit real estate relocation and commodities businesses. The insurer agreed last week to manage pension obligations for General Motors Co.
Henriksson studied at the Massachusetts Institute of Technology, where he earned a bachelor’s degree in economics, a master’s in management and a doctorate in finance. He was a professor at the University of California, Berkeley and worked for a decade at Advanced Portfolio Management in New York, which serves institutional clients, according to the statement.
Stumpp had been CIO for more than 20 years and will focus on research and clients in her new role, Prudential said.
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