David Turner, head of private equity for the Guardian Life Insurance Company of America, will step down effective 30 May, according to an email seen by Private Equity International.
Turner will hand over management of the private equity portfolio to managing director and new group head Maurice Gordon. Other members of the private equity team include principal Cheng Wang, Michael Gujda and Laurie Boland.
“For me this is technically retirement from Guardian but probably not form private equity, or related endeavors, over the long term,” Turner wrote in the email.
Turner started Guardian Life’s private equity arm in 2006, building the programme to more than $1.4 billion across private equity and real estate as of 31 December 2013, according to Guardian’s website. In 2011, Guardian teamed up with independent asset manager 57 Stars to expand its investment mandate into select emerging markets.
Guardian’s private equity arm has a long term target of 2.5 percent of total assets, while the insurance company allocates 3.9 percent of assets to private equity and real estate investments, according to Private Equity International’s Research and Analytics division. The allocation to alternative assets is 20.1 percent and includes investments into private placement debt.
Founded in 1860, The Guardian Life Insurance Company of America is a mutual insurance company providing services to individuals, small business owners and their owners and their employees such as life, disability, health, long term care and dental insurance products.