According to the announcement, Kim will join the firm as an executive vice president and will head NYLIM as its president and CEO. He succeeds Brian A. Murdock, who has left the company.
Sy Sternberg, chairman and chief executive officer of New York Life Insurance Company, said, “Our Investment Management operations, with $250 billion in assets under management, are an integral part of New York Life, contributing more than a billion dollars in operating revenue and more than $200 million in operating earnings. We are fortunate to have a senior executive of John Kim’s experience and skill to run these substantial operations. John will report to Ted Mathas, who is our president and chief operating officer. As previously announced, Ted will become CEO of New York Life on July 1, 2008.”
Kim was previously president of Prudential Retirement where he led their defined benefit, defined contribution and guaranteed products businesses (see Marcks Named to Head Pru Retirement). Prior to joining Prudential, he was president, CIGNA Retirement and Investment Services. He also spent 17 years of his career with Aetna Life & Casualty where he rose to the position of chief executive officer and chief investment officer of Aeltus Investment Management, and has served as managing director and head of Fixed Income at Mitchell Hutchins Institutional Investors.