MetLife names new CIO

MetLife Inc., the largest U.S. life insurer, has selected Steven J. Goulart as chief investment officer to oversee a portfolio valued at more than $450 billion.

Mr. Goulart, 52, replaces Steven Kandarian, who became chief executive of the insurer May 1. The portfolio expanded by about 75% in six years under Mr. Kandarian through acquisitions and investment gains.

MetLife is one of the largest bond investors, with more than $320 billion in fixed-income holdings, including corporate debt, government bonds and asset-backed securities. The company has more than $50 billion in mortgages. The acquisition last year of a non-U.S. insurance unit from American International Group Inc. prompted Mr. Kandarian to scale back holdings of corporate debt issued by financial firms.

“It’s a pretty rarefied world” of managers who are qualified to oversee such a portfolio, Tim White, managing partner at recruiting firm Kaye/Bassman International Corp., said before the appointment was announced. “There might be less than 100 people that could do that job globally.”

Mr. Goulart joined MetLife in 2006 after working at The Bear Stearns Cos. Inc. as senior managing director of financial institutions in the investment banking division. He was head of mergers and acquisitions, and was appointed later to take the additional post of treasurer, the insurer said.