New York Life Insurance Co., which has been expanding through the purchase of asset managers, named Saad Khalil head of mergers and acquisitions.

Khalil, 32, will report to Chief Financial Officer John Fleurant, the company said in a statement Wednesday. He previously worked at Barclays Plc, where he advised insurers on M&A and financing transactions, according to the statement.

New York Life bought IndexIQ this year to add offerings for retail investors looking to copy hedge-fund approaches. The company, which is the largest policyholder-owned life insurer in the U.S., struck a deal in 2013 to buy an asset manager from Dexia SA. Chief Executive Officer Ted Mathas has been reshaping New York Life’s leadership and in May named Chris Blunt to lead the money-management operation.

“The growth of our investments business is both an executive leadership story and a strategic success story,” Mathas said when Blunt was appointed.

Mathas has expanded in insurance as well, announcing a deal in December to acquire life policies from John Hancock.

American International Group Inc. also named a new executive to oversee M&A this year, promoting Brian Schreiber to the role ahead of the departure of former Morgan Stanley banker Peter Juhas.

Khalil received his bachelor’s degree from George Washington University and MBA from Yale University.

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