As part of its continuing expansion into the third-party asset management business, MetLife has hired a former managing director of Fortress Investment Group and former senior investment officer of the California Public Employee’s Retirement System (CalPERS) to help head up its capital-raising efforts.
According to MetLife, Louis Jug has been named managing director and head of investor services for the US life insurer’s newly-branded institutional investment management arm, MetLife Investment Management (MIM). In his new role, Jug will be responsible for client relations, product development and capital-raising across MIM’s asset sectors, including real estate.
Steven Goulart, executive vice president and chief investment officer of MetLife and CEO of MIM, said in a statement that Jug’s “extensive prior asset management experience, as well as his prior role managing the assets of a large pension plan, will complement our existing investment expertise as we grow MIM’s institutional asset management business.”
Jug joins MetLife from Fortress, where he was a managing director and a member of the firm’s capital foundation group. Before Fortress, he was a managing director at ING Clarion Partners for 10 years, where he was a member of the firm’s management committee and global marketing committee. Prior to ING Clarion, Jug was a senior principal investment officer at CalPERS, where he led the restructuring of the $254.89 billion state pension plan’s real estate portfolio.
MIM was formed last fall to enable MetLife to enter the asset management business. Through its divisions, which include MetLife Real Estate Investors and MetLife Private Capital Investors, MIM provides investment management services for real estate equity, commercial mortgages, private securities and infrastructure debt. The business focuses on creating investment opportunities that can generate long-term returns for institutional investors, including public and private pension plans, insurance companies, banks and sovereign wealth funds.