NEW YORK CITY-Snoopy’s insurance company is getting into asset management in a new venture dubbed, wisely, MetLife Investment Management. The group is targeting institutional investors with what a company statement termed “investment opportunities that can generate attractive, long-term returns.”

“MetLife is already one of the largest institutional investors in the world, with $500 billion in general account assets that we have managed for the long-term to generate strong returns for both our policyholders and shareholders,” said Steven J. Goulart, executive vice president and chief investment officer of MetLife Inc. in a statement. “This initiative leverages MetLife’s brand and reputation as a trustworthy investor. It is also driven by MetLife’s enterprise strategy, which targets opportunities to leverage our existing organizational expertise and global scale to create long-term value for our shareholders,”

The strategy is being headed up by Robert Merck, global head of real estate investments. Joining him are Mark Wilsmann, who will head the equity strategies group, and Brian Casey on the debt side. Wilsmann has led MetLife’s commercial mortgage operation since 2003. Casey previously headed up MetLife’s Washington, DC, regional real estate office.

Changes are also taking place at the insurer’s private-placement debt organization, which is being rechristened MetLife Private Capital Investors. The group will originate and manage investments including corporate private debt, project finance and infrastructure debt, and equity in renewable energy. MetLife originated $8.8 billion in private placements in 2011 for its general account and existing third-party accounts and currently manages a portfolio of approximately $50 billion in private investments among more than 900 issuers globally.