Craig Sabal
The New York Life Insurance Co. announced plans to promote Deputy CIO Craig Sabal to CIO, effective January 1. Sabal will succeed CIO Tony Malloy, who plans to retire after 27 years with the company and nine years overseeing its investment portfolio.
Sabal has been with the insurance giant for five years; he was hired as deputy CIO and will now oversee the investment strategy, asset allocation and management of New York Life’s general account.
“Tony’s leadership has been instrumental to New York Life’s enduring financial strength,” said Craig DeSanto, New York Life’s chair, president and CEO, in a statement. “Through his steady guidance and unwavering commitment to our policy owners, he has stewarded our general account through every market environment.”
Before joining New York Life, Sabal’s roles included deputy CIO at AIG, managing director at Goldman Sachs and director at Barclays Capital.
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New York Life also announced that when Sabal’s promotion takes effect, it will merge its general account and third-party asset management businesses to create a platform with $785 billion in assets under management. The combined company will include $363 billion worth of fixed-income assets and private markets assets of $228 billion.
The management teams will still have investment autonomy and create separate strategies, according to the announcement, and will invest in asset origination, product development, distribution, brand, technology and infrastructure.
New York Life Investment Management CEO Naïm Abou-Jaoudé will head the combined investment divisions.
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Tags: New York Life Investment Management
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