HORSHAM, Pa. -- Penn Mutual Asset Management, a registered investment advisory firm and wholly owned subsidiary of The Penn Mutual Life Insurance Company (Penn Mutual), is pleased to announce the addition of two seasoned portfolio managers with a track record of success to the investment team. George J. Cipolloni III, CFA, and Mark J. Saylor, CFA, will be primarily responsible for portfolio management, security research, trading and client communications surrounding the firm’s new balanced income strategy.
With a combined 40 years of investment management and analysis experience, Cipolloni and Saylor previously served as senior portfolio managers at Chartwell Investment Partners and managed the award-winning Berwyn Income Fund1 and Nedgroup Global Cautious Fund strategies until February 2019. Prior to its acquisition by Chartwell, Cipolloni and Saylor spent over a decade as co-portfolio managers, research analysts, investment committee members and minority shareholders at The Killen Group.
“We are excited to welcome George and Mark to our investment team,” comments Mark Heppenstall, chief investment officer of Penn Mutual Asset Management. “George and Mark will be critical as our investment team navigates these unprecedented markets to help our clients generate consistent income with a focus on downside protection.”
Penn Mutual Asset Management’s new balanced income strategy will serve as a contrarian, conservative allocation approach that intends to provide investors with current income while seeking to preserve capital. The strategy will attempt to deliver positive, risk-adjusted returns from both security selection and asset allocation. The bottom-up, value investment process is intended to be opportunistic in its search to build a portfolio of income-producing securities. Under the management of Cipolloni and Saylor, the firm will also be launching a new institutional mutual fund in the near future that complements the firm’s existing product lineup.
“The launch of our new balanced income strategy is the next evolution of our fixed income offerings in the institutional marketplace,” notes Chris Fanelli, managing director, business development at Penn Mutual Asset Management. “George and Mark’s successful track record in managing balanced income strategies will prove invaluable in our efforts to generate consistent, risk-adjusted returns for our clients.”
About Penn Mutual Asset Management
Penn Mutual Asset Management, LLC (PMAM), is an institutional asset-management firm located just outside of Philadelphia, Pa. The firm is committed to serving the institutional marketplace by offering fixed income investment solutions and client-focused services. These solutions are accessible through separately managed accounts, sub-advisory relationships and various commingled vehicles.
With over $28 billion in total assets under management as of January 31, 2020, the firm is dedicated to creating value through a prudent, thoughtful and rigorous investment decision-making process. As fixed income specialists, PMAM tailors its proven approach with the objective to generate risk-adjusted returns that result in consistent earnings, while balancing the need for capital preservation to achieve each client’s strategy and goals.
Since 1989, Penn Mutual Asset Management has been a registered investment adviser and wholly owned subsidiary of The Penn Mutual Life Insurance Company, which has been in the insurance and investment business since 1847.
1 The Berwyn Income Fund is a 6-time Lipper Award Winner (2007-2015) in the Mixed-Asset Target Allocation Conservative Funds category.
The past performance of the strategy is not a guarantee of future performance. Investment performance and principal value in the strategy will fluctuate, may be worth more or less than their original invested amount. Fixed income securities are subject to interest rate, inflation, credit and default risk. In addition, high yield bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment-grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high yield bonds.