David L. Babson, the $20 billion dollar subsidiary of
Massachusetts Mutual Life Insurance Co. (MassMutual) has been rearranged to include both the
Investment Management Division of MassMutual and its subsidiary
Charter Oak Capital Management, Inc. The new company will have assets under management of approximately $70 million.
"The thrust of this move is to make Babson more effective than it would be on its own," said
Frank Tarantino, executive vice president, chief operating officer of DLB. "The initiative will result in a company that offers a broader base of products through the combination of units -- the business is evolving away from mid-sized firms."
Robert O'Connell will be the new chairman of DLB and
Stuart Reese will be president and chief executive officer.
James MacAllen, former president, and
Edward Martin, former director of fixed income, have left the company to pursue other interests. Tarantino said that other than MacAllen and Martin, the present management will remain in place for he time being.
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