Penn Life Launches of Penn Mutual Asset Management, Inc.

The manager of managers for Penn Series Funds

The  Horsham, Pa. – January 12, 2015 – The Penn Mutual Life Insurance Company (Penn Mutual) continues to leverage its growing market presence and asset base, and today announces the launch of Penn Mutual Asset Management, Inc., a registered investment adviser and wholly owned subsidiary of Penn Mutual.

Since 1989, Penn Mutual Asset Management, formerly Independence Capital Management, Inc. (ICMI), has served as investment adviser and manager of managers for the Penn Series Funds, Inc., a proprietary fund complex. Penn Series Funds has approximately $8.2 billion in assets as of December 1, 2014, and offers 29 diverse investment options within Penn Mutual’s variable life and annuity products. Penn Mutual Asset Management directly manages nine of the Funds, three fixed income and six funds-of-funds, and employs sub-advisers for the remaining 20.

In recent months, Penn Mutual Asset Management has added associates to its talented team and invested in its operational infrastructure to enhance its capabilities. As a result, effective January 1, 2015, it will also manage the investment portfolios of Penn Mutual and its subsidiaries’ $12 billion general account. The launch of Penn Mutual Asset Management, Inc. now brings alignment with the increasingly prominent Penn Mutual brand.

David O’Malley is Penn Mutual Asset Management’s chief executive officer, and Keith Huckerby is the company’s president and chief marketing officer. O’Malley also serves as Penn Mutual’s chief operating officer. “Penn Mutual has had a track record of significant growth, doubling its life insurance sales and growing its assets at an 8% compound annual growth rate since 2009,” explains O’Malley. “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.” O’Malley indicates that the focus of Penn Mutual Asset Management will center on managing the $20 billion in assets held cumulatively in The Penn Mutual Life Insurance Company general account and inside the Penn Series Funds.

the focus of Penn Mutual Asset Management will center on managing the $20 billion in assets

According to Keith Huckerby, “We look forward to continuing to execute on our core asset management competencies, which include total return-based investing, advisory services and expertise in alternative asset investing, as we enter a new chapter of growth.”

Visit Penn Mutual Asset Management, Inc. at its new website,, for regular economic outlooks, updates and thought leadership posts.




About The Penn Mutual Life Insurance Company
Since 1847, Penn Mutual has been driven by our noble purpose to create a world of possibilities.

At the heart of this purpose is the belief that life insurance is the most protective, responsible and rewarding action a person can take, and is central to a sound financial plan. The company is committed to helping families unlock life’s possibilities through life insurance and annuity solutions. This is accomplished through a national network of financial professionals, who help clients make great things possible.

Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., (HTK) Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. Visit Penn Mutual on the Internet at