GoldenTree hires Goldman Sachs exec to bolster insurance unit
GoldenTree Asset Management, a global asset management firm with approximately $53 billion in assets under management, has hired Charlie Fuller as partner and Head of North American Insurance coverage, a newly created role.
He will be based in the firm’s New York office and will report to Kathy Sutherland, GoldenTree’s CEO.
Fuller joins GoldenTree from Goldman Sachs, where he was a managing director and head of Americas’ Institutional Insurance Client Business. Fuller was also a founding member of Goldman Sachs’ Insurance Asset Management Business, and his leadership and deep relationships across the industry helped build it into one of the leading insurance asset management businesses in the industry.
Steve Tananbaum, GoldenTree’s founder, managing partner and chief investment officer noted: “GoldenTree has managed capital for insurance companies for decades. I began managing money at MacKay Shields which is owned by New York Life Insurance when I was 25 years old and enjoyed a very productive career at MacKay for almost a decade. We are pleased to have Charlie join GoldenTree and drive further growth with insurance companies.”
Sutherland said: "GoldenTree has engaged with insurance companies across our platform for decades as investors - in our product offerings, the CLO debt we have issued, the private placement debt issued at the management company, and as distributors of our fund offerings in insurance products, such as Private Placement Life Insurance (PPLI) and Private Placement Variable Annuity (PPVA). Our relationships with insurance companies are broad based and span decades. As opportunities across the credit markets for insurance companies increase, we are excited to expand and deepen our relationships within the industry. Charlie brings over two decades of expertise in the insurance industry and we are pleased to welcome him to the GoldenTree team."
Fuller said: “Many insurers have increased, and will continue to increase their allocations to credit in areas such as opportunistic credit, private credit, structured credit, emerging market debt, and distressed. GoldenTree has a 24-year track record of delivering differentiated returns, as well as creating customized solutions including fund of ones, SMAs or customized products designed specifically for insurance investors. I am confident GoldenTree’s unique and time-tested approach to value investing across the credit spectrum, as well as the firm’s leadership in product creation, will enable the firm to continue to create value for insurance companies and more broadly, across the insurance industry.”
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