MONEY MANAGEMENT

New York Life appoints new CIO

Tony Malloy was named chief investment officer at New York Life, said spokesman Kevin Maher.

He assumes the position from New York Life President John Kim, who has served as CIO since 2010. Mr. Kim is relinquishing the CIO role because he wanted to concentrate on his role as president, Mr. Maher said.

As CIO, Mr. Malloy will be responsible for about $250 billion in assets, money that backs the company’s guarantees and obligations. He will report to Mr. Kim.

Mr. Malloy is CEO of NYL Investors, which oversees more than $225 billion in fixed income and real estate investments on behalf of policy owners, clients and select strategic partners. He will continue to hold the CEO title at NYL Investors.