Venerable Announces Planned Creation of Investment Adviser

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Venerable Holdings, Inc. (“Venerable”) today announced plans to establish a Venerable-owned registered investment adviser (“VIA”) and a variable insurance trust (“VIT”) comprised of mutual funds managed by VIA that will serve as investment options for insurance company separate accounts.

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Tuesday, August 29, 2023
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Accounting, Professional Services, Insurance, Finance, Head, VIT, EVP, Outsourced, Risk management, Lisp (programming language), SVP, VIA, Financial adviser, Management, The Venerable, Equitable
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UNITED STATES, NORTH AMERICA, PENNSYLVANIA
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Summary
Key Points: 
  • Venerable Holdings, Inc. (“Venerable”) today announced plans to establish a Venerable-owned registered investment adviser (“VIA”) and a variable insurance trust (“VIT”) comprised of mutual funds managed by VIA that will serve as investment options for insurance company separate accounts.
  • Additionally, Venerable has hired Michal Levy as Head of VIA and Adrea Scaramucci as SVP and Chief Compliance Officer, VIA.
  • Levy joins Venerable from Equitable, where she recently held the position of President, Equitable Investment Management and was responsible for approximately $110bn of assets under management across more than 120 investment options.
  • “As an organization, Venerable continues to demonstrate a keen ability to execute on challenging and innovative business initiatives like this one,” said David Marcinek, Chairman and CEO of Venerable.


Venerable Holdings, Inc. (“Venerable”) today announced plans to establish a Venerable-owned registered investment adviser (“VIA”) and a variable insurance trust (“VIT”) comprised of mutual funds managed by VIA that will serve as investment options for insurance company separate accounts. This initiative is part of our ongoing effort to grow and optimize our business and furthers our mission to provide innovative risk transfer solutions to companies with variable annuity blocks. Over time, the VIT will bring the management of the mutual funds underlying Venerable Insurance and Annuity Company’s variable annuity business in-house, similar to the framework used by most major variable annuity companies in the industry.

Tim Brown, EVP and Chief Legal Officer for Venerable, has been named President of the VIA. In his expanded role, Brown will lead the stand up and operation of the VIA and will also continue leading Venerable’s Law and Compliance teams.

Additionally, Venerable has hired Michal Levy as Head of VIA and Adrea Scaramucci as SVP and Chief Compliance Officer, VIA.

Levy joins Venerable from Equitable, where she recently held the position of President, Equitable Investment Management and was responsible for approximately $110bn of assets under management across more than 120 investment options. In addition, Levy oversaw all aspects of investment management including strategy, product development, portfolio management, fund administration, operations, risk management, performance, and board relations.

Scaramucci joins Venerable after having served as Senior Principal Consultant and Outsourced CCO for the ACA Group. During her tenure, Scaramucci was a trusted advisor to executive leadership and led a team of compliance professionals providing services to investment advisers managing registered investment companies, private debt funds, CLOs, private equity funds, hedge funds, and separately managed accounts for institutional clients across multiple strategies and asset classes. Prior to ACA Global, Scaramucci served as the Chief Compliance Officer of Drexel Morgan Capital Advisers.

Levy and Scaramucci will report directly to Brown.

“As an organization, Venerable continues to demonstrate a keen ability to execute on challenging and innovative business initiatives like this one,” said David Marcinek, Chairman and CEO of Venerable. “I have the utmost confidence in Tim, our newly named VIA leaders, and the project team to drive this endeavor.”

About Venerable

Venerable is a privately held company with business operations based in West Chester, Pennsylvania and Des Moines, Iowa. Venerable owns and manages legacy variable annuity business acquired from other entities. Created by an investor group led by affiliates of Apollo Global Management, Inc., Crestview Partners, Reverence Capital Partners, and Athene Holdings, Ltd., Venerable is a business with well-established, strategic investors, experienced in successfully building and growing insurance businesses with patient, long-term capital. For more information, please visit www.venerable.com.

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