(Bloomberg) — New York Life Insurance Co., the largest policyholder-owned life insurer in the U.S., promoted Jae Yoon at an investment unit that oversees $330 billion and includes boutique fund managers.
Yoon, 48, was named to the newly created role of chief investment officer of New York LifeInvestment Management, or NYLIM, the company said Thursday in a statement.
New York Life has been shuffling management as the insurer expands operations that oversee funds for retail investors and institutional clients. Chris Blunt was named in May to president of the investments group, switching from an insurance role, and Yie-Hsin Hung was appointed that month to chief executive officer of NYLIM, replacing Drew Lawton. Yoon will report to Hung.
“Creating a dedicated CIO role is the logical next step as we build out our global management structure,” Hung said in the statement. “As NYLIM has grown into a global asset manager, it is important for us to maintain consistently high standards of governance and investment discipline.”
Yoon joined NYLIM in 2005 as a managing director. He served most recently as CIO of the strategic asset allocation and solutions group.
NYLIM oversees fixed-income, equity and alternative investments. The unit had assets under management of $330 billion as of June 30.
Yoon has a masters degree and bachelors degree from Cornell University. He previously worked for firms including Western Asset Management and Merrill Lynch & Co.