MassMutual has appointed M. Timothy Corbett, a highly experienced investment professional and industry veteran, executive vice president and chief investment officer, effective May 23, 2011. Corbett will be responsible for MassMutual's overall investment strategy, as well as oversight of the company's General Investment Account.
Previously, Thomas M. Finke, chairman and CEO of Babson Capital Management LLC, a MassMutual subsidiary, served as CIO, in addition to his role at Babson Capital. Now, the roles will be split; Finke will continue to lead Babson Capital as chairman and CEO and focus on continuing to build its business through growth opportunities, while Corbett will focus exclusively on the ongoing refinement and implementation of MassMutual's investment strategy with its goal to deliver long-term value to the company's policyholders.
Corbett will report to Roger Crandall, chairman, president and CEO of MassMutual.
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"With our unwavering focus on delivering long-term value for our policyholders and given today's new world of accelerated economic change and increased regulation, it is important to have a Chief Investment Officer focused exclusively on this role," said Crandall in a statement. "Tim is a true industry veteran with a strong record of performance with more than 20 years in leadership roles as an investment professional. With Tim's extensive investment expertise, risk management discipline and leadership capabilities, I have every confidence he will continue our track record of exceptional performance."
Prior to joining MassMutual, Corbett served as CIO of the Connecticut State Pension Funds since 2009, where he was responsible for policy and strategic planning, implementation, and supervision of the investment programs of the Connecticut Retirement Plans and Trust Funds totaling $25 billion. His professional career began at Aetna in 1982, where he held a number of investment positions with increasing responsibility, ultimately becoming head of portfolio management.
From 2002 to 2008, Corbett served as managing director and head of asset management at the Hartford Investment Management Company. Prior to joining the Connecticut State Pension Funds, he was the leader of fixed income at McMorgan & Company of San Francisco, Calif., where he managed the fixed income portfolio on behalf of Taft-Hartley pension plans.
Corbett is a chartered financial analyst and a fellow of the Society of Actuaries. He holds a B.S. from the University of North Carolina at Chapel Hill.
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