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St. Paul Hires Citigroup Veteran

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SAINT PAUL, Minn. (–St. Paul Cos. hired William H. Heyman as executive vice president and chief investment officer, replacing Michael Wright, whose job plans are unknown.

Mr. Heyman has experience working with hedge funds and hedge fund strategies, and most recently was chairman of Citigroup Investments, New York, an investment unit of Citigroup. Among his other roles at Citigroup was founding and running Tribeca Investments, a proprietary trading operation that included merger arbitrage and convertible securities hedging in its operations, according to a St. Paul statement. The name of his replacement at Citigroup was unavailable.

St. Paul currently doesn’t have any hedge fund assets under management, said Joan Palm a company spokeswoman. She said it was too early to say whether he might introduce hedge funds to St. Paul’s investment portfolios.

Other insurance and reinsurance companies have begun investing in hedge funds. Among them are the Hamilton, Bermuda-based firms XL Capital, Stockton Holdings Ltd., Hampton Re Ltd. and Max Re, of which Mr. Heyman is on the board of directors.

Mr. Wright, who was just promoted to the CIO position in March of last year, couldn’t be reached for comment. The St. Paul statement said he was pursuing other interests. Ms. Palm declined to comment on his departure.