Western & Southern Financial Group Inc., the Cincinnati-based life insurer, hired Steven Kreider as chief investment officer from Legg Mason Inc. (LM:US)’s Western Asset Management.
Kreider, a former wide receiver for the Cincinnati Bengals in the National Football League, will oversee more than $46 billion at the Fort Washington investing business, Western & Southern said today in a statement. He starts on May 30 and replaces Nicholas Sargen, 69, who’s taking the new position of chief economist.
“Steve brings extensive experience as a global money manager,” John Barrett, chief executive officer of Western & Southern, said in the statement “We welcome his expertise and leadership in managing investments across asset classes.”
Kreider, 56, had been head of insurance investments at Western Asset, which oversees about $72 billion for insurer clients. He has also worked at Morgan Stanley Investment Management and at money manager Miller, Anderson and Sherrerd, which Morgan Stanley acquired.
Fort Washington manages funds for Western & Southern and third-party clients. Western & Southern’s portfolio included $28.7 billion of debt securities and $2.3 billion in equities as of Dec. 31, according to the company’s annual report.
Western & Southern is owned by policyholders and offers life insurance, annuities and mutual funds. The company’s net worth, a measure of assets minus liabilities, was $7.1 billion on Dec. 31.
Dennis McNamara, a senior portfolio manager at Western Asset who supervised Kreider, will take over direct responsibility as head of insurance investments, according to a memo the company sent to clients. The memo was provided by Mary Athridge, a spokeswoman for Baltimore-based Legg Mason.
Kreider earned an MBA and a doctorate in finance from the University of Cincinnati while playing for the Bengals, according to the statement. He has an undergraduate degree in electrical engineering from Lehigh University, Western & Southern said.
He played for the Bengals from 1979 to 1986 and recorded more than 2,000 receiving yards. He had 37 receptions in the 1981 season, including five for touchdowns, as the team advanced to the Super Bowl. Kreider caught two passes in the title game as the Bengals lost to the San Francisco 49ers.
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