As part of its plan to expand its global insurance solutions group, J.P. Morgan Asset Management, a unit of JPMorgan Chase & Co., announced it hired Matt Malloy as head of insurance for North America. 

Malloy was a managing director for Goldman Sachs Asset Management’s global insurance group. 

J.P. Morgan Asset Management hired Malloy to expand its insurance asset management business in the United States and Canada, where the company has built this business with excellent fixed income performance and advisory services.   

Malloy will lead the efforts to deliver  J.P. Morgan’s broad investment management and advisory capabilities to this growing client base, reporting jointly to Michael O’Brien, global head of J.P. Morgan’s Institutional Client Group and George Gatch, CEO of J.P. Morgan’s Investment Management business in the Americas.

“The insurance market represents a $20 trillion opportunity, with a client base that is increasingly seeking investment management and advisory solutions ,” O’Brien said.  “Matt Malloy’s  industry expertise and relationships make him ideally suited to lead these new efforts in the U.S. and Canada and will give us immediate traction in delivering the vast capabilities of J.P. Morgan.” 

Prior to Goldman Sachs, Malloy worked in financial institutions investment banking for several years, most recently for UBS Investment Bank, where he helped establish the firm’s insurance investment banking practice.