Guggenheim Partners LLC, the money manager that has been expanding in insurance, named Tony Minella to oversee a $10 billion portfolio at a life unit, according to a person familiar with the assignment.
Minella, formerly co-head of corporate credit at Guggenheim, is chief investment officer at the Security Benefit affiliate, said the person, who asked not to be identified because the details are private. Security Benefit previously outsourced general account management to Guggenheim when the portfolio was smaller, and now requires an in-house person given its size, the person said. Minella switched roles in September.
Guggenheim, which has more than $190 billion in assets under management, acquired Security Benefit in August 2010, along with a group of investors, and indirectly controls the insurer, according to its website. Security Benefit ranked second among sellers of fixed annuities in the first nine months of this year, according to data compiled by trade group Limra. That compares with 19th for the full year of 2011.
Guggenheim won approval in July for a deal to buy a U.S. annuities business from Sun Life Financial Inc. (SLF) after agreeing to policyholder protections sought by a New York regulator. Insurance deals increase assets managed by Guggenheim, which is based in New York and Chicago. Minella declined to comment on his new role in an e-mail as did Terry Fahn, a spokesman for Guggenheim at Sitrick and Co.
The money manager also is expanding into businesses including merger advisory, digital media and hedge funds. Chief Executive Officer Mark Walter and Guggenheim Baseball Management led the purchase of the Los Angeles Dodgers, announced in 2012. Guggenheim’s insurance arms invested about $100 million in the Dodgers deal, a person close to the company has said, asking not to be identified because of Major League Baseball confidentiality rules.
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