Al Corapi has left New York Life Investment Management, where he was a senior trader/portfolio manager on the firm's corporate bond desk. Corapi's departure marks the second by an investment-grade portfolio manager this year at the usually staid insurer, which has fixed-income assets of well over $60 billion. Brett Chappell, former head of the group, left just two months ago. Corapi, who had been at New York Life for 18 years, left for personal reasons, according to sell-siders close to the firm. He referred calls to Bill Werfelman, a spokesman for the firm. Werfelman confirmed Corapi's departure, but declined further comment.
New York Life has already begun interviewing for a senior trader/portfolio manager spot, according to sell-siders. That person will likely report to Paul Cunningham, who directly oversees the firm's asset-backed portfolio. He was named head of the corporate bond group after Chappell's departure.
