Bloomberg News reports that Steve Smith joined from the asset-management division of Goldman Sachs to lead insurance analytics, while ex-BlackRock debt strategist J.P. Sursock was added as a client adviser, Neuberger Berman said Monday in a statement. Former Montpelier Reinsurance Holdings Chief Investment Officer Jason Pratt was named a portfolio manager and head of insurance fixed income.
The newcomers report to Matt Malloy, who joined last year from JPMorgan to oversee the newly created unit. Insurers have been turning to external money managers to find higher-yielding assets as record low interest rates have drained investment income from traditional holdings such as the safest bonds. Malloy said his firm has seen a “significant pickup in risk and alternative assets,” winning business to bet on private equity, the loan market and below-investment-grade debt while expanding in emerging markets.
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