July 17 (Bloomberg) -- New York Life Insurance Co., the largest U.S. life insurer owned by policyholders, named Steven Benevento to oversee its private-equity unit’s $8.8 billion portfolio.
Benevento, 47, takes the newly created position of chief investment officer at New York Life Capital Partners, the firm said today in a statement. The CIO title is “a formalization of a role that he’s been engaged in for quite some time,” John Brine, a New York Life spokesman, said in an e-mail.
The unit invests in private-equity firms and manages alternative assets for New York Life Insurance, its affiliates and other institutional investors. Benevento has been involved in all the firm’s investment activities, Brine said.
“It is critical that we have someone with Steve’s expertise dedicated to the role of maintaining the integrity of our investment process,” Thomas Haubenstricker, chief executive officer of New York Life Capital Partners, said in the statement.
Benevento joined New York Life in 1995 after working at TIAA-CREF, according to today’s statement. He earned a bachelor’s degree in finance from State University of New York at Albany in 1987 and received his MBA from New York University’s Stern School of Business in 1991.
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