METLIFE INVESTMENT MANAGEMENT NAMES MATTHEW MOSCA GLOBAL HEAD OF INSTITUTIONAL CLIENT GROUP
Whippany, NJ, April 25, 2019
MetLife Investment Management (MIM), MetLife Inc.’s (NYSE: MET) institutional asset management business, today announced the appointment of Matthew Mosca as global head of the firm’s Institutional Client Group.
Mosca joins from BlackRock, where he was most recently head of strategy for BlackRock’s Official Institutions Group. In this role he oversaw strategy, business development and operations for BlackRock’s relationships with sovereign institutions. He was also a member of the Institutional Client Business leadership team.
Based in Whippany, New Jersey, Mosca is responsible for MIM’s institutional client strategy and the delivery of investment solutions to clients globally. He will also oversee client relationship management and consultant relations.
Steve Goulart, president of MIM and executive vice president and chief investment officer for MetLife, said: “Matt’s deep client relationships and significant asset management experience will be instrumental as we further strengthen our offerings across public fixed income, private fixed income and real estate, and accelerate the growth of our business globally.”
Prior to joining MIM, Mosca spent more than 25 years at BlackRock in a number of senior leadership positions. During his tenure, he also served as chief operating officer of BlackRock’s Institutional Client Business where he was responsible for overseeing group operations and client service for BlackRock’s institutional clients. Mosca has extensive experience working with institutional investors across the globe, including two years as co-head of Nomura BlackRock Asset Management in Japan.
MetLife Investment Management, which launched as a third-party asset manager in 2012, has approximately $589 billion in total assets under management as of 31 December 2018.
About MetLife Investment Management
MetLife Investment Management, MetLife, Inc.’s institutional asset management business, is a global fixed income and real estate manager providing differentiated investment solutions to institutional investors worldwide. MetLife Investment Management provides institutional investors including corporate and government pension plans, insurance companies and other financial institutions with long-term public and private investment and financing solutions. MetLife Investment Management leverages a disciplined credit research and underwriting process to provide institutional investors with asset origination and acquisition opportunities and proprietary risk management analytics across public fixed income strategies, private placements, and commercial real estate debt and equity investing, among others. For more information, visit https://investments.metlife.com.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Cautionary Statement on Forward-Looking Statements and Non-GAAP Financial Information
This release may contain or refer to forward-looking statements. Forward-looking statements give expectations or forecasts of the future using terms such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will,” and other terms tied to future periods. Results could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements are based on assumptions and expectations. They involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. The company has no obligation to correct or update any forward-looking statement. Parts of this release may include additional information on forward-looking statements.
The release may also contain measures that are not calculated based on accounting principles generally accepted in the United States of America, or GAAP. Parts of this release, the Investor Relations portion of MetLife’s website (www.metlife.com), or other parts of that website include information on non-GAAP financial information.
Explanatory Note on Non-GAAP Financial Information
Total Assets Under Management (“Total AUM”) is a financial measure based on methodologies other than accounting principles generally accepted in the United States of America (“GAAP”). Total AUM are comprised of GA AUM, plus Indexed SA AUM plus TP AUM (each as defined below). MetLife believes the use of Total AUM enhances the understanding of the depth and breadth of its investment management services on behalf of its general account investment portfolio, separate account index investment portfolios and unaffiliated/third party clients.
General Account Assets Under Management (“GA AUM”) is a financial measure based on methodologies other than GAAP. MetLife utilizes GA AUM to describe assets in its general account investment portfolio which are actively managed and stated at estimated fair value. MetLife believes the use of GA AUM enhances the understanding and comparability of its general account investment portfolio. GA AUM are comprised of general account Total Investments and cash and cash equivalents, excluding policy loans, other invested assets, contractholder-directed equity securities and fair value option securities, as substantially all of these assets are not actively managed in MetLife’s general account investment portfolio. Mortgage loans and certain real estate investments included in GA AUM have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP.
Passive-Indexed Separate Account Assets Under Management (“Indexed SA AUM”) are passive-indexed insurance company separate account investment portfolios, which are stated at estimated fair value, managed by MetLife that track the return of industry market indices. Indexed SA AUM represent separate account assets of MetLife insurance companies which are included in MetLife, Inc.’s consolidated financial statements at estimated fair value.
Third Party Assets Under Management (“TP AUM”) are non-proprietary assets managed by MetLife on behalf of unaffiliated/third party clients, which are stated at estimated fair value. TP AUM are owned by such unaffiliated/third party clients; accordingly, TP AUM are not included in MetLife, Inc.’s consolidated financial statements.
GA AUM and Total AUM are non-GAAP financial measures and should not be viewed as substitutes for Total Investments, the most directly comparable GAAP measure. A reconciliation of Total Investments to GA AUM and Total AUM is set forth in the table below. Total Investments under GAAP includes short-term investments and excludes cash and cash equivalents.
Additional information about MetLife’s general account investment portfolio is available in MetLife, Inc.’s quarterly financial materials for the quarter ended December 31, 2018, which may be accessed through MetLife’s Investor Relations Web page at http://investor.metlife.com.
|Reconciliation of Total Investments to General Account Assets Under Management and Total Assets Under Management|
|($ in Billions)||12/31/2018|
|Plus cash and cash equivalents||15.8|
|Plus fair value adjustment - mortgage loans||1.0|
|Plus fair value adjustment - real estate and real estate joint venture||5.7|
|Less policy loans||9.7|
|Less other invested assets||18.2|
|Less contract holder-directed equity securities and fair value option securities||12.6|
|General Account Assets Under Management||$418.2|
|Plus passive-indexed separate account assets under management||14.4|
|Plus third party assets under management||156.1|
|Total Assets Under Management||$588.7|