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Penn Mutual Life Insurance Company launches Penn Mutual Asset Managemen


The Penn Mutual Life Insurance Company has launched a new wholly-owned subsidiary, Penn Mutual Asset Management, a registered investment adviser.

Since 1989, Penn Mutual Asset Management, formerly Independence Capital Management, Inc (ICMI), has served as investment adviser and manager of managers for the Penn Series Funds, Inc, a proprietary fund complex. Penn Series Funds has approximately USD8.2 billion in assets as of 1 December, 2014, and offers 29 diverse investment options within Penn Mutual’s variable life and annuity products. Penn Mutual Asset Management directly manages nine of the Funds, three fixed income and six funds-of-funds, and employs sub-advisers for the remaining 20.

In recent months, Penn Mutual Asset Management has added associates to its talented team and invested in its operational infrastructure to enhance its capabilities. As a result, effective January 1, 2015, it will also manage the investment portfolios of Penn Mutual and its subsidiaries’ USD12 billion general account. The launch of Penn Mutual Asset Management, Inc. now brings alignment with the increasingly prominent Penn Mutual brand.

David O’Malley is Penn Mutual Asset Management’s chief executive officer, and Keith Huckerby is the company’s president and chief marketing officer. O’Malley also serves as Penn Mutual’s chief operating officer.

“Penn Mutual has had a track record of significant growth, doubling its life insurance sales and growing its assets at an 8% compound annual growth rate since 2009,” explains O’Malley. “Penn Mutual’s financial strength has been its hallmark for more than 167 years, and the associates of Penn Mutual Asset Management have greatly contributed to this strength by successfully managing Penn Mutual’s diversified investment portfolio through all types of economic and market environments.”

O’Malley indicates that the focus of Penn Mutual Asset Management will centre on managing the USD20 billion in assets held cumulatively in The Penn Mutual Life Insurance Company general account and inside the Penn Series Funds.

Huckerby says: “We look forward to continuing to execute on our core asset management competencies, which include total return-based investing, advisory services and expertise in alternative asset investing, as we enter a new chapter of growth.”

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