Bernard Joei was named head of Zurich Alternative Asset Management, a unit of insurer Zurich Financial Services.
Mr. Joei will replace David Wasserman, who will retire later this year, Zurich said in a statement Thursday.
Mr. Joei was also named head of head of alternative investments at the parent company, a new position.
About 1.4% of Zurich Financial’s $186 billion investment portfolio was allocated to alternative investments, including hedge funds and private equity, as of June 30.
Mr. Joei was chief investment officer at hedge fund-of-funds manager Horizon21.