Sept. 11 (Bloomberg) -- Goldman Sachs Group Inc. hired Neil Moge from JPMorgan Chase & Co. to lead a London-based team overseeing investments for insurers amid an expansion of asset management in Europe.
Moge was named executive director and head of insurance portfolio management for Europe, the Middle East and Africa, according to a memo last month from Mike Siegel, global head of Goldman Sachs’s insurance asset management unit.
Goldman Sachs, the fifth-largest U.S. bank by assets, and No. 1 JPMorgan are among firms vying to manage money for insurance companies facing pressure from low bond yields and new regulation. New York-based Goldman Sachs manages $133 billion for insurance clients, according to June 30 figures on the company’s website.
“Neil will play an integral role as we continue to expand our insurance business in Europe and the United Kingdom,” Siegel said in the memo. “Neil has an extensive background in investment management for insurance companies.”
Moge had been an executive director at New York-based JPMorgan’s global insurance solutions team, where he managed client relationships. Prior to joining JPMorgan, he was an investment director at RSA Insurance Group Plc and also held money-management roles at Axa SA and Prudential Plc’s M&G business, according to the memo.
He will report to John Melvin, chief investment officer of the insurance asset management unit, and Iain Lindsay, co-head of global fixed income portfolio management. Moge has a bachelor’s degree in history and a master’s in medieval studies from the University of Bristol in the U.K.
JPMorgan’s asset management unit in June announced the hiring in London of Prashant Sharma from Goldman Sachs as head of international fixed-income investments for insurance clients. Kristen Chambers, a spokeswoman for JPMorgan, declined to comment on the departure. She said the company has about $90 billion in assets under management at the global insurance solutions business.
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