Penn Mutual Asset Management Promotes Mark Heppenstall to Chief Investment Officer

Former managing director of PSERS quickly rises to key leadership position at PMAM

November 30, 2015

Horsham, Pa. – November 30, 2015 – Penn Mutual Asset Management, Inc. (PMAM), a registered investment adviser and wholly owned subsidiary of The Penn Mutual Life Insurance Company (Penn Mutual), is pleased to announce the promotion of Mark Heppenstall, CFA, former managing director and portfolio manager, to chief investment officer (CIO). Since joining PMAM in June 2014, Heppenstall has demonstrated a track record of excellence in leadership, and delivered above average risk adjusted returns for Penn Mutual’s policyholders.

In his new role as CIO, Heppenstall will continue to lend his expertise in the management of investment grade rated corporate and structured fixed income investments, while taking on a larger role shaping the firm’s overall investment strategy. His investment team will comprise of three managing directors and portfolio managers, including Zhiwei Ren, CFA, Trevor Williams, CFA, and Greg Zappin, CFA.

“I am excited to make the announcement about Mark’s promotion today. Mark has a tremendous background in managing fixed income and has demonstrated his ability to lead the investment team on a track of measurable success,” said PMAM Chairman and Chief Executive Officer David O’Malley. “We continue to seek opportunities to leverage our talent in ways that help deliver the best results for our clients,” he added.

Prior to joining PMAM, Mark served as the managing director of fixed income for the Pennsylvania Public Schools Employees Retirement System (PSERS) from 1998 to 2014. At PSERS, Mark’s team managed nearly $7.5 billion in assets. Mark also personally managed a $1.2 billion active bond fund and was responsible for managing both internal and external fixed income strategies. Heppenstall has more than 27 years of experience managing fixed income assets for institutional investors.

About Penn Mutual Asset Management

Penn Mutual Asset Management, Inc., a registered investment adviser and wholly owned subsidiary of The Penn Mutual Life Insurance Company (Penn Mutual), is dedicated to creating value through a prudent, thoughtful, and rigorous investment decision-making process.

Since 1989, Penn Mutual Asset Management has served as investment adviser and manager of managers for the Penn Series Funds, Inc., a proprietary fund complex. With approximately $8 billion in assets as of September 30, 2015, Penn Series Funds offers 29 diverse investment options within Penn Mutual’s variable life and annuity products. Penn Mutual Asset Management directly manages nine Penn Series Funds consisting of three fixed income funds and six funds-of-funds, and employs 15 sub-advisers for the remaining 20 funds.

Penn Mutual Asset Management is also responsible for the management of the investment portfolios of Penn Mutual and its subsidiaries’ $12 billion general account. Penn Mutual’s financial strength has been its hallmark for more than 167 years, and the associates of Penn Mutual Asset Management have greatly contributed to this strength by successfully managing Penn Mutual’s diversified investment portfolio through all types of economic and market environments.

With $20 billion in assets under management, Penn Mutual Asset Management is dedicated to executing on its core asset management competencies, which include total return-based investing, advisory services and expertise in alternative asset investing.

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