The Penn Mutual Life Insurance Company (Penn Mutual) has launched the Penn Mutual Asset Management, which is a registered investment adviser and wholly owned subsidiary of Penn Mutual.
Penn Mutual Asset Management, previously known as Independence Capital Management, has served as investment adviser and manager of managers for the proprietary fund complex Penn Series Funds since 1989.
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With nearly $8.2bn in assets as of December 1, 2014, Penn Series Funds provides 29 diverse investment options within Penn Mutual’s variable life as well as annuity products.
Penn Mutual Asset Management directly manages three fixed income and six funds-of-funds, and employs sub-advisers for the rest of the 20 funds.
With effect from 1 January 2015, Penn Mutual Asset Management will oversee the investment portfolios of Penn Mutual and its subsidiaries’ general account worth $12bn.
The company has hired David O’Malley as its CEO, who is also serving as Penn Mutual’s chief operating officer, while Keith Huckerby has been designated as the president and chief marketing officer.
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By GlobalDataO’Malley said that the firm will focus on managing the $20bn in assets held cumulatively in The Penn Mutual Life Insurance Company general account and inside the Penn Series Funds.
Keith Huckerby commented, "We look forward to continuing to execute on our core asset management competencies, which include total return-based investing, advisory services and expertise in alternative asset investing, as we enter a new chapter of growth."
