New York Life Insurance has announced that executive vice president John Y Kim has been named as its new chief investment officer, in addition to his existing duties.

The firm's current CIO and vice chairman Gary Wendlandt intends to retire at the end of 2010 after nearly 40 years in the business. Kim, who is also the president and chief executive officer of New York Life Investments, will retain these responsibilities in addition to those of the CIO role. Kim will continue to report to Ted Mathas, the chairman and chief executive of New York Life.

"At New York Life Investments, John has been a strong and insightful leader who has not only guided the enterprise through one of the most challenging economic periods in history, but has managed to grow the busienss significantly and increase its reputation as a trusted and reliable brand," Mathas said in a statement.

Before joining New York Life, Kim served as president of Prudential Retirement and earlier as president of CIGNA Retirement and Investment Services.

New York Life is one of the largest insurers in the world, offering life insurance, retirement income, investments, and long term care insurance services. New York Life Investments is involved in institutional asset management and retirement plans.