State Street Global Advisors, State Street Corp.'s investment management arm, hired Paul Escobar as head of U.S. business development for its insurance asset management unit, Insure-Vest.
Mr. Escobar, who was a managing director and chief investment officer for Sapers & Wallack Inc., a regional benefits consulting firm, will coordinate a variety of offerings for the Boston company's insurance clients in the life, health, property/casualty and reinsurance markets. The hiring was announced Tuesday.
State Street Global Advisors created Insure-Vest in June by combining its insurance asset management products and services.
Karen Kruck, a senior managing director at State Street Global Advisors and the head of Insure-Vest, said in an interview Wednesday that there is a tremendous amount of movement of assets from insurance companies to third-party money managers, and State Street wants to manage more assets. Insure-Vest manages assets of $32 billion for 77 insurance clients in 17 countries.
Ms. Kruck said there may be an even bigger opportunity to market to small and midsize insurers.
In addition to portfolio management, Insure-Vest provides investment services through State Street Global Advisors' insurance partners, State Street Kansas City and Princeton Financial Systems.
