Atlanta Life to manage MetLife assets.The nation's largest African American-owned, privately-held stock insurance company and one of the nation's foremost insurance groups have formed a strategic alliance, and it spells success. In early July July: see month. , Atlanta Life investment Advisors Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and and MetLife came to an agreement hereby ALIA would manage $50 million of MetLife's assets. Ronald D. Brown, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and president of Atlanta Life Financial Group (No. 3 on the BE INSURANCE COMPANIES list with $99.7 million in assets), said that "MetLife is saying, 'Make it grow for us.'" ALIA is distributing the assets among their investment products as follows: $20 million in Large Cap US Growth Equity, $20 million in Large Cap US Value Equity, and $10 million in Large Cap Core International Equity. "What you see here is a classic example of minority firms and majority firms working together to the economic betterment bet·ter·ment n. 1. An improvement over what has been the case: financial betterment. 2. Law An improvement beyond normal upkeep and repair that adds to the value of real property. of both firms," says Brown. "Both MetLife and Atlanta Life have made money because of the partnership. So we have gotten MetLife into places that they could not have gotten into on their own and vice versa VICE VERSA. On the contrary; on opposite sides. ." Presley Surratt, senior vice president of MetLife, agrees. "There's been nothing but progress with respect to the partnership over the past three or four years, and it's our intention to grow it." The partnership with MetLife nearly doubled ALIA's assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. from $67 million to $117 million. Atlanta Life's total assets are well over $200 million. Combined, MetLife and Atlanta Life cover more than 800,000 employees at various companies and have more than $4 billion of insurance in force. The relationship between Atlanta Life and MetLife began in 2002 as a result of meetings through the Rainbow/PUSH Coalition's Wall Street and Peachtree Street Peachtree Street is the main north-south street of Atlanta, Georgia. The city grew up around this one street, and many of its historical and municipal buildings are or were located along it. projects, where minority- and non-minority-owned businesses partner to assist one another. The CEOs of Atlanta Life and MetLife got together and decided to partner through asset management. "Several capable financial institutions were locked out of those opportunities," says Brown. "The Wall Street and Peachtree Street projects opened up doors where there was limited opportunity for minority organizations." Surratt says MetLife's partnership with Atlanta Life is "one of our strongest partnerships and the partnership that we hope to grow and explore new venues with." Atlanta Life, started by a former slave, will celebrate its 100-year anniversary next year. |
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