Jae Yoon has been given the new role of chief investment officer (CIO) of New York Life Investment Management, a subsidiary of the largest mutual US life insurer, New York Life.
Yoon will chair the NYLIM investment governance committee and work with the portfolio teams in New York Life's and MainStay Investments' boutiques and affiliates.
Yoon, who joined NYLIM in 2005, most recently served as the CIO of the strategic asset allocation and solutions group. NYLIM said he will continue to oversee this group, which manages asset allocation portfolios and provides economic and market research for New York Life and its clients.
Yoon reports to Yie-Hsin Hung, chief executive officer of NYLIM since May (IAR, 22 May, Yie-Hsin Hung becomes CEO of NYLIM)
Hung said, "As NYLIM has grown into a global asset manager, it is important for us to maintain consistently high standards of governance and investment discipline in our business. Creating a dedicated CIO role is the logical next step as we build out our global management structure."
NYLIM had assets under management at 30 June of $330bn.