Posted on 09 Feb 2010
New York-based bond insurer, MBIA, announced the reorganization of its fixed-income asset management subsidiary. Cutwater Asset Management will operate as a separate operating company focusing on fixed-income asset management and managing MBIA’s $16.7 billion in proprietary portfolios.
Cutwater, which has 120 employees, will be managed by its current management team including president and CIO, Clifford Corso, who was also president and cio of MBIA Asset Management.
Cutwater manages $42 billions in assets on a fee- for-service basis for clients including local governments, pension funds, Taft-Hartley plans, corporations, endowments, financial institutions and insurance companies.