General Re-New England Asset Management chose KDP Asset Management to subadvise high-yield bond and leveraged loan assets for GR-NEAM's insurance company clients, under a strategic relationship announced Thursday by the two companies.
William E. Rotatori, president of GR-NEAM, said in a news release that the strategic relationship will allow his firm to expand its lineup of investment offerings for insurance company clients to better meet “their unique needs” in a challenging market environment.
The relationship is a “tremendous opportunity” for KDP Asset Management to participate in a market where KDP's record of delivering solid returns while preserving capital, especially in “risk-off” market environments, could prove attractive, Kingman Penniman, founder, president and chief investment officer of KDP Asset Management, said in a telephone interview.
KDP had $413 million in assets under management as of March 31, according to data tracker eVestment Alliance.
GE-NEAM, meanwhile, managed $66.2 billion in general account assets outsourced by insurance companies as of Dec. 31, ranking sixth in that market segment, according to data compiled by Alex McCallum, editor of Insurance Asset Manager.
