(Bloomberg) — Western & Southern Financial Group Inc., the Cincinnati-based life insurer, hired Steven Kreider as chief investment officer from Legg Mason Inc.’s Western Asset Management.
Kreider, a former wide receiver for the Cincinnati Bengals in the National Football League, will oversee more than $46 billion at the Fort Washington investing business, Western & Southern said today in a statement. He starts on May 30 and replaces Nicholas Sargen, who’s taking the new position of chief economist.
“Steve brings extensive experience as a global money manager,” John Barrett, chief executive officer of Western & Southern, said in the statement “We welcome his expertise and leadership in managing investments across asset classes.”
Kreider had been head of insurance investments at Western Asset, which oversees about $72 billion for insurer clients. He has also worked at Morgan Stanley Investment Management and at money manager Miller, Anderson and Sherrerd, which Morgan Stanley acquired.
Fort Washington manages funds for Western & Southern and third-party clients. Western & Southern’s portfolio included $28.7 billion of debt securities and $2.3 billion in equities as of Dec. 31, according to the company’s annual report.
Western & Southern is owned by policyholders and offers life insurance, annuities and mutual funds. The company’s net worth, a measure of assets minus liabilities, was $7.1 billion on Dec. 31.