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Bayview Asset Management has announced the creation of an insurance asset management business.

The new division will be led by Chief Investment Officer Nancy Mueller Handal, who previously served as the head of private fixed income and alternatives at MetLife, where she managed a 150-person team overseeing approximately $150 billion of investments and launched MetLife’s Residential Whole Loan Investment platform.

“I feel privileged to have the opportunity to partner with Nancy, whom I have long admired as a leader in residential loan and structured products investing,” said David Ertel, CEO of Bayview. “Nancy is a one-of-a-kind executive, in the unique position of being one of the industry’s most thoughtful mortgage whole loan investors while having the insurance industry perspective of a senior executive. She is perfectly positioned to lead this natural extension of the Bayview business.”

New York City-based Bayview is a global investment management firm with approximately $17.3 billion in assets under management. The firm is focused on investments in residential, commercial, and consumer credit, including whole loans, asset backed securities, mortgage servicing rights, and other credit-related assets.