New York Life Investment Management has hired David Bedard as senior managing director and chief financial officer. He will report directly to president and chief executive officer Brian Murdock.

Mr Bedard, who joins on 1 November, was senior vice president and chief financial officer of the US wealth management division of the Hartford Financial Services Group. Previously he served as senior vice president in corporate financial services at MassMutual and earlier was a partner at accountant Coopers & Lybrand.

He takes over as head of finance from Steve Mandela, who is moving to a newly-created role of managing Northern Trust's institutional lines of business.

NYLIM is one of the largest asset management firms in the US, managing over $245 billion in assets as of 31 August. Through its multiple boutique investment structure, NYLIM provides investment products for both institutional and retail clients.