WEST CHESTER, Pa.--(BUSINESS WIRE)--Venerable Investment Advisers, LLC (“Venerable Advisers”), an investment adviser and wholly-owned subsidiary of Venerable Holdings, Inc. (“Venerable”), announced today the launch of an initial line-up of mutual funds comprised of approximately $9.9 billion in assets under management (“AUM”).
The mutual funds in this launch, and subsequent funds, serve as investment options for insurance company separate accounts and brings the management of the mutual funds underlying Venerable Insurance and Annuity Company’s variable annuity business in-house. As previously announced, Venerable Advisers engaged investment advisory subsidiaries of Russell Investments and Franklin Resources, Inc. (“Franklin Templeton”) to provide sub-advisory services with respect to Venerable Variable Insurance Trust (“VVIT”).
Tim Brown, President of Venerable Advisers said “This is an important milestone in the standup of our investment adviser, and we are grateful for the partnership of Russell Investments and Franklin Templeton along the way. We look forward to continuing our focus on optimizing our business and growing our AUM in future fund launches.”
Zach Buchwald, Chairman and CEO of Russell Investments, congratulated Venerable Advisers on the groundbreaking evolution of its mutual fund platform. “These multi-manager options are designed to help with today’s investment challenges. Russell is honored to partner with Venerable Advisers to deliver a more efficient model that will help drive enhanced outcomes for policyholders.”
“Partnering with Venerable Advisers on the launch of their inaugural mutual fund lineup has required exceptional collaboration, focused on delivering client outcomes,” said Jeff Masom, Head of U.S. Distribution for Franklin Templeton. “Together, we have crafted institutional investment strategies leveraging Franklin Templeton's diverse range of specialist investment managers, delivering value through enhanced diversification and multiple perspectives. Experiences like these, where we focus on driving better outcomes, highlight the significant benefits of our joint effort.”
About Venerable and Venerable Investment Advisers
Venerable is a privately held company with business operations based in West Chester, Pennsylvania, Des Moines, Iowa and New York, NY. 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.
Venerable Investment Advisers, LLC was established in 2023 and has overall responsibility for the management of mutual funds underlying Venerable Insurance and Annuity Company’s variable annuity business.
For more information, please visit www.venerable.com.
About Russell Investments
Russell Investments is a leading global investment solutions partner providing a wide range of investment capabilities to institutional investors, financial intermediaries and individual investors. Since 1936, Russell Investments has been building a legacy of continuous innovation to deliver exceptional value to clients, working every day to improve people’s financial security. The firm has $301.5 billion in assets under management (as of 6/30/2024) for clients in 30 countries. Headquartered in Seattle, Washington, Russell Investments has offices in 16 financial centers around the world, including New York, London, Paris, Amsterdam, Sydney, Tokyo, Shanghai, Milan and Dubai. For more information, please visit www.russellinvestments.com.
About Franklin Templeton
Franklin Resources, Inc. [NYSE: BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and approximately $1.6 trillion in assets under management as of July 31, 2024. For more information, please visit www.franklintempleton.com.
