New York Life Investments has appointed Anthony Malloy as head of firm's newly created general account investment management line of business, which has primary responsibility for managing the fixed income assets of New York Life.

In addition to Malloy’s existing responsibilities overseeing fixed income and Madison Capital Funding, the firm’s commercial finance subsidiary, he will assume responsibility of real estate.

With these responsibilities Malloy will be overseeing over $164bn in portfolios for both New York Life’s general account and third party clients.

Malloy will report directly to John Kim, chairman and CEO of New York Life Investments and chief investment officer of New York Life Insurance.

Malloy will succeed Frank Ollari, who is set to retire on 30 June.

Prior to New York Life, Malloy worked with JP Morgan, Toronto-Dominion and First Chicago, respectively.

With Malloy assuming leadership of general account investment management, Thomas Girard has been appointed as new head of the fixed income investors group at New York Life Investments.

In his new role, Girard will oversee more than $134bn in fixed income investments including high yield bonds, investment grade corporate bonds, bank loans, private placements, emerging markets, project finance, and asset-backed securities.

Girard joined New York Life in 2007 and is currently responsible for the core fixed income team. He will continue to serve as co-portfolio manager for investment grade and stable value portfolios.