Western & Southern Financial Group

John F. Barrett, Chairman, President and CEO, has run the group since 1994 and sets the strategic asset-allocation framework. Day-to-day asset management is delegated across subsidiaries: Fort Washington Investment Advisors handles institutional fixed-income and equity mandates, while the firm's internal general-account team manages the commercial real estate and private-placement books directly.

Western & Southern is a mutual insurance holding company, meaning it is owned by its policyholders, not outside shareholders or a single family. However, its general-account investing — direct ownership of commercial real estate, private credit, and infrastructure debt — operates with a patient-capital posture that often resembles the long-horizon approach of single-family offices.

The mutual structure frees the firm from quarterly-earnings pressure and public-market mark-to-market discipline. Western & Southern can hold commercial real estate outright, carry private-credit positions to maturity, and absorb fixed-income volatility without redemption risk — a structural advantage shared with a small cohort of large mutual insurers.

Real estate is a cornerstone of the general account. The firm directly owns major commercial properties in Cincinnati, including the Queen City Square tower, and holds additional apartment and office assets across the Midwest. These equity positions are held for long-term income, not short-term capital appreciation.

Both are wholly owned subsidiaries. Touchstone Investments serves as the group's registered fund family, distributing mutual funds through intermediaries, while Fort Washington Investment Advisors manages institutional separate accounts and fixed-income mandates for third-party clients including pensions and endowments.

While the firm does not operate a formal co-investment program, its subsidiaries occasionally participate in club deals and syndicated placements. The mutual structure and long-horizon capital base make it a natural counterparty for other institutions seeking patient partners in real assets and private credit.

Barrett has led the company since 1994 and has not publicly disclosed succession timing. The board maintains a deep bench of subsidiary presidents, consistent with the governance model of large mutual insurers, but the specific transition plan remains internal.