MetLife Vet Joins 40/86
40/86 Advisors has hired Tim Powell as its v.p. and director of private placement.
40/86 Advisors has hired Tim Powell as its v.p. and director of private placement. Powell was appointed to the new position to lead and build the firm's new private placement division, which will consist of a three-person team. Powell will be reporting to Eric Johnson, president of 40/86.
"We're looking at having 8-10% of our assets in private placement within the next few years," said Powell. 40/86 had previously completed "about five or six" private placement deals prior to the creation of the division that were worth approximately $59 million. "The goal is to have $600-700 million in deals within two to three years," Powell added.
Powell is a 17-year veteran in the field of private placement. He was most recently with Metropolitan Life, where he managed a $12 billion portfolio of private placement investments. Powell was co-head of private placement and head of domestic private placement. He reported to Scott Ingles and was with MetLife for four years.
Powell also had an eight-year tenure at Lincoln Investment Management, worked for two years at Allstate and began his career at Northwest Mutual.