The Hartford's Greg McGreevey is pulling up stakes at the insurer to take an opportunity with a "global investment management firm." The insurer broke the news yesterday and said that it has tapped Hugh Whelan as active head of its investment management business reporting to CEO Liam McGee.
McGreevey headed Hartford Investment Management Company for three years.
HARTFORD, Conn., Oct 18, 2011 (BUSINESS WIRE) -- The Hartford HIG -0.32% has named Hugh Whelan, 51, acting head of Hartford Investment Management Company, reporting to the company's Chairman, President and CEO Liam E. McGee. Whelan assumes the role from Greg McGreevey, who is leaving The Hartford by the end of the month to pursue an opportunity at a global investment management firm. The Hartford has launched a search for a permanent successor.
"The Hartford has improved the fundamental financial foundation of the company, and I want to thank Greg for his leadership over the past three years," said McGee. "Greg and his team have delivered strong investment performance while significantly improving the risk-return profile of the general account portfolio. In addition, The Hartford has built a team of highly experienced investment professionals and we are pleased that we have an executive of Hugh Whelan's caliber to assume this important role."
Whelan is also managing director and head of Investments at Hartford Investment Management Company where he leads the investment platform, including all sectors of fixed income, quantitative equity and alternatives. He joined The Hartford in 2005 as executive vice president for Quantitative Strategies. He has been an integral part of McGreevey's senior leadership team, helping to strengthen the investment platform and position the firm to restructure the portfolio. Prior to joining The Hartford, he was head of Quantitative Equities at ING, and was responsible for the team managing $16 billion in large cap, mid cap and small cap quantitative equity strategies, and for managing ING's quantitative equity research group.
Whelan earned his B.S. degree in geology and M.S. in petroleum geology from Stanford University and M.B.A. from the University of Pennsylvania's Wharton School. He holds the Chartered Financial Analyst designation.
"With the portfolio in a strong position and a seasoned leadership team in place, now is an appropriate time for me to take on this new opportunity which aligns with my personal and professional goals," said McGreevey. "We have strengthened our ability to deliver superior investment results by enhancing our people, process and platform. We also significantly reduced risk in our general account portfolio while balancing economics, income and capital. I am confident that I am leaving the company in a good position."
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