David O'Malley

Chairman & Chief Executive Officer
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David O'Malley

As Chairman & Chief Executive Officer of Penn Mutual Asset Management, Mr. O’Malley is responsible for leading the overall strategic direction of the firm and refining the overall investment philosophy. He also serves as President of the Penn Series Funds, Inc., a proprietary fund complex offering 29 investment options through The Penn Mutual Life Insurance Company variable life and annuity products.

Mr. O’Malley’s extensive knowledge in the investment field enabled him to build a highly successful career. His positions of increasing responsibility and complexity included Municipal Bond Research Analyst, Residential and Commercial Mortgage Backed Portfolio Manager, Corporate Bond Portfolio Manager, and Vice President and head of Fixed Income responsible for all portfolio sectors. Mr. O’Malley’s expertise in derivatives and asset-liability management has been instrumental in designing the company’s hedging and risk management programs.

In 2006, Mr. O’Malley was appointed Chief Risk Officer and became a member of Penn Mutual’s executive team. He was later appointed Chief Financial Officer, and now currently serves as President and Chief Operating Officer of Penn Mutual.

Mr. O’Malley serves on the Board of Managers of the full service brokerage firm Janney Montgomery Scott LLC.

Mr. O’Malley joined Penn Mutual’s Investment Department as an intern in 1994 while attending Drexel University in Philadelphia, Pennsylvania. He graduated summa cum laude with a bachelor’s degree in finance and economics.

Stories by David O'Malley

Inflation Data this Week to Remain Subdued 

By David O'Malley | November 13, 2017

Tuesday’s release of the Producers Price Index (PPI) and Wednesday’s release of the Consumer Price Index (CPI) will be the economic data highlights this week. With inflation remaining stubbornly low despite strong employment conditions and the odds of a December interest rate increase running around 80%, the importance of the pace of inflation data takes on greater significance.

Oil Prices Continue to Climb Higher

By David O'Malley | November 6, 2017

Last week Jerome Powell was nominated as the next Federal Reserve chairman. In addition to this key announcement other market-moving data, including the employment report, tax bill and treasury refunding,… Read More

Critical Week for Bonds

By David O'Malley | October 30, 2017

This week is a critical week for the bond market as 10-year Treasuries yields are trading above the 2.4% level that has been cited by Bill Gross of Janus as signaling a bear market. This sentiment was reinforced by Jeffrey Gundlach of DoubleLine’s comments when he called this “the moment of truth” for bonds. During the week, several key factors could significantly impact the near term movement of yields.

And the Next Fed Chair is?

By David O'Malley | October 23, 2017

Stocks rallied and bond yields rose last week on optimism for the Republicans to successfully pass tax reform and on strength in third quarter corporate earnings. These two factors will probably continue to move markets in the coming week.

Inflation Data Disappoints

By David O'Malley | October 16, 2017

The Consumer Price Index (CPI) increased by 0.5% for the month of September but was lower than expected. Despite a tight labor market, strong economic conditions and increasing commodity prices, inflation has remained lower than expected throughout 2017. Further, CPI has been lower than its expectations in six of the last seven months.

Underlying Employment Strength

By David O'Malley | October 9, 2017

Last week’s September employment report showed weakness in the headline jobs gained number but significant underlying strength in other measures. The economy lost 33,000 jobs for the month versus an… Read More

What Will the Fourth Quarter Hold for the Markets?

By David O'Malley | October 2, 2017

Before beginning, we would first like to extend our heartfelt thoughts and sympathies to all of those affected by the recent tragedy in Las Vegas. Equity markets ended the third quarter on a positive note as optimism about the economy and fiscal stimulus in the form of tax cuts kept stocks well bid. The fourth quarter gets off to a quick start this week with some key U.S. economic data.

Fed Continues Hawkish Tone

By David O'Malley | September 25, 2017

The stock market held near record levels and interest rates were stable after the Federal Reserve (Fed) announced its much anticipated plan to shrink its balance sheet last week. Despite concerns about the impact of Fed interest rate increases on the long term economy and inflation outlook, the Fed took a constructive view of the dynamics impacting the economy. As a result of the relatively hawkish tone, the odds of a December rate hike increased. I still believe the Fed will hold off on increasing rates until 2018.

Stocks Make a New High

By David O'Malley | September 18, 2017

The S&P 500 closed above the 2,500 mark for the first time on Friday. The markets ended a strong week of gains driven by continued favorable conditions for economic growth and the prospects for potentially bipartisan action coming out of Washington.

Hurricane Recovery and Economic Impact

By David O'Malley | September 11, 2017

The one-two punch of Hurricanes Harvey and Irma has impacted so many in Texas, Florida and throughout the Southern part of the U.S. We keep all of those impacted in our thoughts and wish them a speedy recovery.
Markets will be looking at how these two storms will impact the economy both in the near term and farther down the line. In the short term, the potential is for the storms to put downward pressure on economic performance and distort statistics (like the rise in unemployment claims last week), but the rebuilding process will be a boost to the economy.