Bank of New York Mellon Corp. (BK), the world’s largest custody bank, hired Amanda E. Abdella as a senior portfolio manager at a unit that oversees $19.3 billion for insurance clients.
Abdella, who previously worked at Hartford Financial Services Group Inc. (HIG), will have responsibility for managing insurers’ bond portfolios, the New York-based bank’s Standish Mellon Asset Management Co. said today in an e-mailed statement.
Asset managers including JPMorgan Chase & Co. and Conning have been adding staff as they vie for mandates from insurance clients. General-account assets overseen by the largest fund managers surged by about 20 percent annually from 2001 to 2009, to more than $1 trillion, according to a report by Swiss Re Ltd.
“Our pipeline for new business is robust and it behooves us to be in front of that,” Anthony Criscuolo, Standish’s managing director of insurance-client strategies, said today in a phone interview. “We’re confident that we’re going to continue to grow organically from our current clients as well as with new business coming onboard.”
Abdella’s experience managing funds for life insurers will help “round out” Standish’s insurance team, he said. The asset manager primarily oversees funds for property-casualty and health insurers.
Standish increased its insurance funds under management by almost 13 percent in the first half, according to the statement. Part of the unit’s recent growth has come from winning bigger mandates from existing clients, Criscuolo said.
About one in five insurance companies surveyed by Goldman Sachs Group Inc. (GS) said they were considering outsourcing more funds in the near term, the New York-based bank said in a study released today. Emerging-market debt, high-yield debt and bank loans were the top three investment areas where the companies were weighing third-party managers, according to the survey.
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