(Bloomberg) — New York Life Insurance Co., the largest policyholder-owned life insurer in the U.S., named Chris Blunt as head of the investment unit with $540 billion in assets under management.

Blunt, 53, is switching from his role as co-president of the insurance and agency group, the New York-based insurer said Wednesday in a statement.

Chief Executive Officer Ted Mathas, 48, is shaking up management by giving new responsibilities to Blunt and Chief Investment Officer John Kim, 54. Kim was promoted to president of New York Lifeand will oversee both Blunt and Mark Pfaff, who was co-president of the unit with Blunt. Pfaff plans to retire at the end of this year, the company said.

 “Blunt has held key leadership roles in the company, from investments to life insurance to annuities, as well as long-term care insurance, and at every step he has added significant value,” Mathas said in the statement.

Mathas and Kim have been expanding asset-management operations to boost fee income at the insurer, which has a Aaa rating from Moody’s Investors Service. New York Life struck a deal in 2013 to buy a unit from Dexia SA and this year acquired IndexIQ, pushing into exchange-traded funds and adding offerings for retail investors who want to copy hedge-fund approaches.

Blunt joined in 2004 as head of the retail investments strategy. He previously led GivingCapital Inc., a wealth- management company, and worked for Wall Street firms including Merrill Lynch & Co. and Goldman Sachs Group Inc. He has a bachelor’s degree from the University of Michigan and an MBA from the University of Pennsylvania’s Wharton School.

Mathas had been elected New York Life’s president in 2007. He remains CEO and chairman.

 

To contact the reporter on this story: Doni Bloomfield in New York at mbloomfiel12@bloomberg.net To contact the editors responsible for this story: Dan Kraut at dkraut2@bloomberg.net Dan Reichl

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