West Chester-based Venerable Holdings, a company that owns and manages legacy variable annuity business, recently completed its purchase of SunAmerica Asset Management (SAAMCo).
The purchase adds 53 employees and a Houston office, expands the company’s presence in New York City and will more than triple assets under management across affiliated advisers to approximately $52 billion.
“We are thrilled to welcome our new colleagues from SAAMCo to our Venerable community,” Tim Brown, Venerable Advisers president, said. “Their deep expertise will be invaluable as we continue to grow our investment adviser capabilities and offerings, and I’m confident their talent will help drive our collective success.”
Venerable also closed on a reinsurance transaction involving The United States Life Insurance Company in the City of New York. The closing, along with the purchase of SAAMCo are the final two components of an agreement with Corebridge Financial.
In August, Venerable launched a new business variable annuity flow reinsurance and completed a $48 billion reinsurance transaction with American General Life Insurance Co., an entity of Corebridge.
Venerable’s total assets under risk management will increase from $67 billion to $118 billion as a consequence of the three transactions closing.
Venerable has business operations based in Pennsylvania, New York City and Des Moines, Iowa.