Penn Mutual Asset Management Announces Update to Executive Positions

Heppenstall and Huckerby assuming new leadership roles

November 16, 2021

HORSHAM, PA – The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, announces that Mark Heppenstall has been named president and chief investment officer of Penn Mutual Asset Management (PMAM) and Keith Huckerby will assume the role of president of the Penn Series Funds as well as senior managing director and chief operating officer of PMAM. In conjunction with these changes, Dave O’Malley will serve as chairman of the PMAM Board of Managers and chairman of Penn Series Funds. These changes take effect on January 1, 2022.  

PMAM, with more than $33 billion in assets under management, is one of three business lines within the Penn Mutual enterprise. PMAM is responsible for managing the insurance company’s assets in addition to serving other institutional clients.

“Under Mark and Keith’s guidance, PMAM and the Penn Series Funds have consistently produced solid results and strong performance,” said Dave O’Malley, Penn Mutual president and CEO-elect. “We are confident that Mark and Keith’s ongoing leadership will continue to promote PMAM’s value-driven approach to serving the institutional marketplace by offering investment solutions and client-focused services.”

Heppenstall joined PMAM in 2014 and has more than 30 years of experience managing fixed-income assets for institutional investors. He graduated from Vanderbilt University with a bachelor of arts degree in U.S. History and earned a master of science degree in industrial administration from the Tepper School of Business at Carnegie Mellon University. Heppenstall has been a Chartered Financial Analyst (CFA) Charterholder since 1991.

Huckerby has held numerous roles with Penn Mutual and PMAM for more than 25 years. As Chief Operating Officer of the institutional asset manager and President of the Penn Series Funds, he is responsible for the oversight of all day-to-day operational and administrative functions of the businesses. He graduated magna cum laude from St. Joseph’s University with a master of business administration degree in finance. He also earned a bachelor’s degree in marketing.


About The Penn Mutual Life Insurance Company

Penn Mutual helps people become stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people’s ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at


About Penn Mutual Asset Management

Penn Mutual Asset Management, LLC (PMAM) is an institutional asset management firm located just outside of Philadelphia, PA. With over $33 billion in total assets under management as of September 30, 2021, the firm is committed to serving the institutional marketplace by offering investment solutions and client-focused services. These solutions are accessible through separately managed accounts, private funds and institutional mutual funds.

Since 1989, the firm has been 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 solid risk-adjusted returns, while balancing the need for capital preservation to achieve each client’s strategy and goals.

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