New York Life Insurance Co., the largest U.S. life insurer owned by policyholders, created a unit to manage about $210 billion in third-party assets as the company builds its investment business.
Drew Lawton, 54, a senior managing director, will be chief executive officer of the New York Life Investment Management operation, the company said in a statement today. Anthony Malloy, 50, was named CEO of the division overseeing the portfolio backing insurance obligations.
New York Life CEO Ted Mathas, 46, has been expanding investment services for institutional and retail clients to bolster fee income. He announced a deal in September to buy a business from Dexia SA, based in Paris and Brussels, to add about $100 billion in assets under management. Mutual fund assets overseen by New York Life have tripled in the past five years to about $95 billion.
“The pending acquisition of Dexia Asset Management will add important scale and geographical diversity,” New York Life said in the statement. “This accelerating growth has led the company to make additional adjustments to the investments group’s executive management.”
Yie-Hsin Hung, 51, was named co-president of NYLIM and chairman of its newly formed international operation. The other co-president will be Stephen Fisher, 54, who heads the mutual funds business. Both report to Lawton.
Malloy and Lawton continue reporting to Chief Investment Officer John Kim. The New York-based insurer said that Kim, 53, has been elected a vice chairman of the company and will oversee technology in addition to his investing duties.
Lawton previously led the retirement-solutions business at New York Life’s investment group and oversaw fixed-income and equity boutiques. He joined the insurer in 2010 from Fidelity Investments and, before that, held positions with Aetna Inc. He holds a bachelor’s degree from Yale University and a master’s in business administration from the University of North Texas.
Malloy is responsible for more than $190 billion in fixed-income and real estate assets as head of the general account investment-management business. He joined New York Life in 1999 and previously worked at companies including JPMorgan Chase & Co. and Toronto-Dominion Bank. He holds a bachelor’s degree from Middlebury College and an MBA from New York University.
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