A managing partner at Guggenheim Partners L.L.C. is becoming the chief executive officer (CEO) of Security Benefit Corp.
Michael Kiley will take over from the interim CEO, Howard Fricke, Sept. 30, according to Security Benefit, Topeka, Kan.
Guggenheim Partners, Chicago, the privately held parent of Guggenheim Life, acquired Security Benefit, the parent of Security Benefit Life Insurance Company, in 2010. Security Benefit sells fixed annuities, variable annuities and retirement plan services.
Fricke was Security Benefit’s CEO from 1988 and its chairman from 1996 to 2006.
Guggenheim Partners brought Kiley in to help oversee the Security Benefit acquisition. Kiley is already on the Security Benefit board, and he will stay on the board, Security Benefit says.
Before Kiley joined Guggenheim Partners, he was president of Van Kampen Investments, a division of Morgan Stanley, New York. He also has been the president of Morgan Stanley Funds Distributors and a principal in Morgan Stanley’s institutional asset management group.
– Warren S. Hersch