M. Timothy Corbett has been named executive vice president and chief investment officer (CIO) at Springfield-based Massachusetts Mutual Life Insurance Co. (MassMutual), effective May 23.
Corbett will assume the role of CIO from Thomas M. Finke, chairman and CEO of Babson Capital Management LLC, a MassMutual subsidiary, who has served in the position, in addition to his role at Babson Capital, since December 2008. Finke will continue to lead Babson Capital as chairman and CEO and focus on continuing to build its business through growth opportunities, according to a statement.
In Corbett’s new role, he will be responsible for MassMutual’s overall investment strategy, in addition to oversight of the company’s general investment account.
"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 Roger Crandall, chairman, president and CEO of MassMutual. "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."
Crandall added: "Tom has done an outstanding job leading Babson Capital and expanding its presence as a premier global institutional asset manager. This will enable him to focus solely on exciting growth opportunities for the firm so Babson Capital can continue to build on the excellent performance it has delivered for its clients."
Before joining MassMutual, Corbett had 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, according to a statement. He began his professional career at Aetna in 1982, where over a 20-year career he held a number of investment positions.
