Penn Mutual Life Insurance has announced a reorganisation of its asset management unit that includes adding the company's $12bn general account to its responsibilities and a name change to Penn Mutual Asset Management from Independence Capital Management.
Leading the new-look Penn Mutual Asset Management are David O'Malley, chief executive officer and Keith Huckerby, president and chief marketing officer. O'Malley continues as Penn Mutual Life's chief operating officer.
Since 1989, under its former name, Penn Mutual Life's asset management unit served as investment adviser and manager of managers for the Penn Series Funds, a proprietary fund complex with $8.2bn of assets currently under management. The focus of Penn Mutual Asset Management will now centre, said O'Malley, on managing the $20bn in assets held cumulatively in The Penn Mutual Life Insurance general account and inside the Penn Series Funds.
