AXA Equitable Announces Expanded Responsibilities in Funds Management Group
June 26 2007 - 10:37AM
PR Newswire (US)
NEW YORK, June 26 /PRNewswire-FirstCall/ -- Kenneth T. Kozlowski
will assume an expanded portfolio management role at AXA Equitable
Life Insurance Company, leaving his current role as Chief Financial
Officer and Treasurer of the Funds Management Group (FMG). The
announcement was made today by Steven Joenk, President of FMG. As a
Vice President with New York-based FMG, Mr. Kozlowski will assume
primary responsibility for the portfolio management, asset
allocation, fund selection, and rebalancing of 11 funds underlying
the company's variable life and annuity products; these funds are
contained within the AXA Asset Allocation Portfolios and the Target
Allocation Portfolios. He will also be responsible for all
exchange-traded funds (ETFs) activity. FMG ranks among the largest
U.S. managers of sub-advised funds in the variable insurance
industry. Since its formation in 1999, FMG has managed and overseen
AXA Equitable's insurance separate accounts. Today, it has more
than 40 fund professionals who have responsibility for 85 variable
insurance portfolios with combined net assets of $85 billion as of
April 30, 2007. "Ken was part of the team that designed our asset
allocation portfolios, and he participated in their launch in
2003," said Mr. Joenk. "His involvement in the day-to-day operation
of these portfolios has been crucial to their success. The
popularity of the AXA Asset Allocation Portfolios has grown
dramatically since their launch, attracting more than 50% of gross
flows from sales of AXA's flagship Accumulator(R) series of
variable annuities." AXA Equitable's Investment Portfolios The AXA
Allocation Portfolios available in variable insurance products
consist of six individual portfolios with more than $21 billion in
net assets as of April 30, 2007. The six portfolios range from the
Conservative Allocation Portfolio with a 20/80 mix of equity and
fixed income to the Aggressive Allocation Portfolio with a 90/10
mix. "Each portfolio is designed to give clients a fully
diversified portfolio based on their unique risk tolerance," said
Mr. Kozlowski. "In short, we match the music of asset allocation
with the lyrics of underlying portfolio selection." In 2006, FMG
launched four Target Allocation Portfolios for people who expect to
retire in 2015, 2025, 2035, and 2045. These funds provide clients
with diversified portfolios designed for a "target" retirement
date; they are rebalanced periodically to gradually reduce equity
exposure as the client nears retirement. For example, the Target
2045 Portfolio contains 100% equity and follows a "glide path"
that, over time, will eventually result in a 50/50 weighting of
equity and fixed income when the client reaches retirement. Kenneth
T. Kozlowski Mr. Kozlowski, who joined AXA Equitable in 1999, has
more than 20 years' experience in the mutual fund business. He
built his career in various positions at Prudential Financial,
Inc., finally serving as a Director of Fund Administration from
1996 to 1999. Since 2001, Mr. Kozlowski had been the Chief
Financial Officer and Treasurer of the two trusts that contain the
portfolios underlying AXA Equitable's variable life and annuity
products. As CFO and in his new role, he has a strategic part in
designing the underlying portfolio line-up. The Wayne, N.J.
resident is a Certified Financial Planner (CFP), Chartered Life
Underwriter (CLU), and a Chartered Financial Consultant (ChFC). He
holds memberships in the Financial Planning Association and the
Society of Financial Service Professionals. Mr. Kozlowski graduated
from Swarthmore College in Swarthmore, PA with a B.A. in Economics.
Brian E. Walsh, Vice President of Fund Administration, will take
over Mr. Kozlowski's roles of Treasurer and Chief Financial Officer
of AXA Equitable's trusts. He joined the company in December 1999
as a mutual fund administrator. Prior to that, he worked in a
mutual fund administration capacity for Prudential Investments. He
resides in Hoboken, N.J. About AXA Equitable AXA Equitable Life
Insurance Company, New York, N.Y., is one of the premier U.S.
organizations providing life insurance and annuity products and
services for the financial services market, co-distributed by AXA
Advisors, LLC and AXA Distributors, LLC. AXA Equitable's parent
company, AXA Financial, Inc., is a member of the global AXA Group,
a worldwide leader in financial protection and wealth management.
AXA Group's operations are geographically diverse, with major
operations in Western Europe, North America, and the Asia/Pacific
region. The AXA ordinary share is listed on the Paris Stock
Exchange and trades under the symbol AXA. The AXA American
Depositary Share is also listed on the NYSE under the ticker symbol
AXA. All guarantees are based on the claims-paying ability of AXA
Equitable Life Insurance Company. AXA Equitable is a sponsor of the
Variable Annuities Knowledge Center
(http://www.variableannuityfacts.org/), an online resource aimed at
helping consumers understand the facts surrounding variable
annuities. The Variable Annuities Knowledge Center is operated by a
stand-alone non-profit organization, and is overseen by an
independent advisory board. DATASOURCE: AXA Equitable Life
Insurance Company CONTACT: Lisa Tibbitts, +1-212-314-2811, , or
Discretion Winter, +1-212-314-2968, Web site: http://www.axa.com/
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