Conning Holdings Corp., the asset manager controlled by Jeff Greenberg’s Aquiline Capital Partners LLC, named David Marks and Ron Joelson to its board as the company seeks to expand offerings to insurance clients.
Joelson is chief investment officer of Northwestern Mutual Life Insurance Co., where he oversees a $174 billion portfolio, Hartford, Connecticut-based Conning said today in a statement. Marks is CIO of insurer CUNA Mutual Group. Both have more than three decades of experience in the industry, Conning said.
Adding Joelson and Marks reflects Conning’s need “to have more partners in the industry who are active investors and active in the insurance business,” Chief Executive Officer Woody Bradford said in a phone interview. “That’s how I view Ron and David, as partners, to help us grow the company.”
Bradford is bolstering Conning’s oversight and resources as he competes with JPMorgan Chase & Co., Goldman Sachs Group Inc., BlackRock Inc. (BLK) and other asset managers for mandates. Low interest rates have pressured insurers’ investment income and spurred some companies to outsource part of their portfolios to specialized investment firms.
Conning oversaw about $91 billion at the end of December.
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