Deals & People December 13, 2010

Kim Named as Chairman of NY Life Investments

Executive Vice President John Y. Kim will take on the role of Chairman of New York Life Investments effective January 1, 2011, the company announced today.
Reported by

The chairman title is currently held by Gary Wendlandt, who is retiring at the end of the month after nearly 40 years in the industry. The company said Kim, currently President and CEO of New York Life Investments, will be Chairman and CEO of Investments.  The president’s title will not be used. 

As previously announced, Kim will also become Chief Investment Officer of New York Life Insurance Company on January 1, 2011, a role also currently filled by Wendlandt (see “Kim Adds CIO to his List of Titles“).

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Kim also is a member of the Executive Management Committee, which is comprised of New York Life’s senior executive leadership and assists the CEO in setting policy for the company. Kim reports to Ted Mathas, chairman and CEO of New York Life Insurance Company.

Kim joined New York Life in 2008 with 25-years as a business executive. Prior to joining New York Life, he had been president of Prudential Retirement, where he led its defined benefit, defined contribution and guaranteed products businesses, and before that he was president of CIGNA Retirement and Investment Services.

He also spent 17 years with Aetna Life & Casualty, where he was CEO and Chief Investment Officer of Aeltus Investment Management, as well as CIO of Aetna Life Insurance and Annuity Company. Kim is a graduate of the University of Michigan and holds an MBA degree from the University of Connecticut.

Products December 13, 2010

New Index Tracks Companies that Fight against Diseases

Dow Jones Indexes is launching a new index in collaboration with the Global Fund, which will help generate resources for the Global Fund's work.
Reported by

The Dow Jones Global Fund 50 Index measures the performance of the largest companies that support the mission of the Global Fund, which includes fighting AIDS, tuberculosis and malaria. A portion of revenues generated through the licensing of the index will go to the Global Fund.  

A press release said the Dow Jones Global Fund 50 Index is the flagship of a new index series, which will include indexes with overlaying strategies and additional themes. The index has been licensed to db X-trackers, the leading ETF platform of Deutsche Bank, to serve as a basis for a financial product, the db x-trackers Global Fund Supporters ETF. The ETF begins trading December 13 on the Frankfurt stock exchange.  

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The Dow Jones Global Fund 50 Index universe of eligible securities is created according to the methodology of the Dow Jones Total Stock Market Indexes. The top 50 companies (based on float-adjusted market capitalization) that contribute to the mission of the Global Fund are selected for the index. Float-market capitalization measures the amount of shares in a company that are readily available to be traded by investors.  

No more than 15 companies are selected from any individual country. The weight of individual countries is capped at 40% and single components are capped at 20%. The composition of the index is reviewed annually, in June. Float factors, shares and weights are updated quarterly.

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