Prosperity Asset Management (“PAM”), an insurance-focused asset manager specializing in private and public credit opportunities and origination platforms, today announced that it has strengthened its team with two key hires. These newly created roles reflect the ongoing expansion and strong growth trajectory of the PAM platform and follow the firm’s strategic decision to scale its third-party insurance assets under management and capital markets activities.
Matthew Petre, former Managing Director, Insurance Relationship Manager at Invesco Ltd., has joined the firm as Head of Business Development responsible for deepening and expanding PAM’s relationships with existing and prospective clients as well as helping to develop insurance solutions that align with clients’ objectives. Cassandra Becker, former Director, Legal & Regulatory at Brookfield Asset Management, has joined the firm as Chief Compliance Officer and Senior Counsel responsible for overseeing PAM’s compliance program and advising on legal and regulatory matters.
“We are pleased to welcome Matt and Cassie to the PAM team as we continue to deepen our bench with top talent,” said Deva Mishra, Chief Executive Officer of PAM. “Matt’s strong network of insurance company relationships, years of capital formation and client management experience, and understanding of insurers’ evolving investment needs will be invaluable to PAM as we seek to further grow our client base. Additionally, Cassie’s experience serving in complex legal and compliance functions will benefit PAM as we continue to navigate the ever-evolving regulatory landscape and scale all aspects of our platform. We look forward to their collective contributions to our business and our clients.”
Over the last five years, PAM has established its position as a sophisticated, insurance-focused asset manager, increasing its AUM to $23 billion from $3 billion. The firm has leveraged its significant expertise managing insurance company balance sheet capital, differentiated asset origination network, and technology-enabled risk management capabilities to design, execute and manage capital efficient investment solutions for insurers. PAM focuses on sourcing and executing investments in private asset-based finance – including real assets, specialty finance and private corporate credit – and public structured credit that it believes offer compelling relative value.
Mr. Petre added, “I am thrilled to join PAM – an asset origination, risk management and capital solutions provider to the insurance industry – at this exciting time in its evolution. The opportunity to work as part of an innovative and experienced team that has a fresh perspective on insurance capital management is extremely compelling. I look forward to helping the firm forge new client relationships as demand for differentiated credit exposure by insurers continues to increase.”
Ms. Becker concluded, “I am excited to work alongside my new colleagues as PAM continues to build a robust legal and compliance infrastructure to support its growing business.”
The additions of Mr. Petre and Ms. Becker follow the expansion of PAM’s real estate debt investment team in Q3 2024. Jason Kelley, former Head of Commercial Real Estate Risk at Global Atlantic, joined the firm as commercial real estate portfolio manager, and Chase Tarantino, former Development Finance Manager at The Domain Companies, joined the firm as an originator. The two previously worked together at Global Atlantic/KKR from 2017 through 2022.