Genworth Financial has named Ronald Joelson as chief investment officer, with responsibility for managing the mortgage and life insurer's nearly $70 billion portfolio, according to media reports.

Mr Joelson joins the Virginia-based company from JPMorgan Asset Management in New York, where he was managing director of insurance strategic markets coverage. He has also served as chief investment officer at Prudential Financial.

Genworth Financial shares fell 45 per cent yesterday after Moody's Investors Service cut its ratings citing the negative effect of market troubles on the firm's profitability.