Giuseppe Benelli, CIO at Swiss Re and head of Swiss Re Asset Management, resigned today over a disagreement about the firms decision to alter its investment strategy. Jacques Aigrain, who heads the Swiss Re financial services group, will become CIO.
Beat Werder, spokesman, confirmed Swiss Re Asset Management raised its exposure to long duration bonds while reducing its equity exposure. The investment changes were in response to a writedown of 3.9 billion Swiss francs ($2.8 billion) last year, attributed to Swiss Re Asset Managements poor investment returns, Mr. Werder said.
Swiss Re owns Conning Asset Management, which has $25 billion in assets under management.