Life is sweeter for 'big peach' financial firm: Atlanta Life Investment managing additional $100 million of MetLife's assets.In a deal that could boost its clout with big pension fund investors, Atlanta Life Financial Group's asset management unit has agreed to manage another $100 million in general accounts for New York-based financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. powerhouse MetLife Inc. The latest agreement expands the relationship between MetLife and Atlanta Life Investment Advisors that began in July 2004 with an initial $50 million contract. Under the agreements, ALIA manages the investments according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. MetLife guidelines. MetLife now accounts for about a third of 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. , says Chief Investment Officer Kenneth Holley. ALIA has brought in an additional $125 million since the latest MetLife investment, increasing its current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. under management to about $385 million. Holley says the deal with such a high-profile client endorses his firm's investment philosophy and process and could go a long way in helping it win new clients. "This transaction gives us an opportunity to win creditability in the pension-fund community," he says. Holley also says that with the latest investments from MetLife and other clients, ALIA will likely be profitable this year, versus taking a loss in 2004. Robert Benmosche, MetLife's chairman and 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. , says the good job ALIA has done with MetLife's investments is a big part of why his company is expanding the relationship. The performance of the $50 million fund is up about 15.8% since July 2004, well above MetLife's 5.2% benchmark for equities for that time period. "Initially we did it [the agreement] to give them an opportunity," Benmosche says. "And now we're giving them more money because their performance is great." According to MetLife, the $150 million investment is 3% of MetLife's Equities and Other Limited Partnerships. The companies' relationship began in 2002, when MetLife and Atlanta Life's flagship insurance subsidiary, Atlanta Life Insurance Co., formed a reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. alliance to provide group life insurance and accidental death and dismemberment dismemberment /dis·mem·ber·ment/ (dis-mem´ber-ment) amputation of a limb or a portion of it. dismemberment amputation of a limb or a portion of it. benefits. |
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