was still essentially seen as an insurance company. Diversification and growth of the 1990s and new millennium The 1990s brought on new opportunities for business advancement, branding, and acquisition. By this time, MassMutual was positioned as the 12th-largest insurance company in the United States based on total assets. New business acquisition in the 1990s In 1990, MassMutual acquired Oppenheimer Management Corporation from British and Commonwealth Holdings PLC for $150 million as part of its strategy to diversify into mutual funds management. In 1993, Concert Capital Management was created as a subsidiary of MassMutual to oversee retirement funds and endowment assets. The investment management firm of David L. Babson & Co. was purchased in 1995 – increasing MassMutual's assets under management to more than $78 billion. Babson & Co. was combined with Concert Capital Management as separate entities of MassMutual. MassMutual agreed to merge with Connecticut Mutual Life Insurance Company in February 1995 with expectations to save on operational costs. The company to see $82 million in savings by the end of 1996, but surpassed expectations with $108 million. MassMutual continued its diversification efforts through 1996 by creating Antares Leveraged Capital Corporation — a commercial finance unit providing lending services. By this time, assets of MassMutual surpassed $100 billion. Growth in the new millennium In 1998, MassMutual posted a record net income with 37% net income over the previous year – $359.2 million. As profits increased through 1999, the company announced a new marketing name, MassMutual Financial Group. This was an attempt to strengthen the brand as a diversified financial services company. As Chairman and CEO, Robert Connell foresaw the importance of offering new products and services. Between 1999 and 2001, MassMutual and its domestic insurance subsidiaries launched 40 new products. By 2001, nearly 70% of revenues stemmed from these products. MassMutual's financial success continued in 2000 – total sales increased by 31% and total assets under management grew from 1999's $206.6 billion to $213.1 billion. International developments Along with increased monetary growth, MassMutual expanded internationally. MassMutual International purchased CRC Protective Life of Hong Kong, which was renamed as MassMutual Asia. Back in the United States, MassMutual Trust Company was created in 2000, offering investment services and estate planning, in Hartford, Connecticut. Modern-day growth Despite the loss of MassMutual's subsidiary OppenheimerFunds' New York offices on September 11, 2001, the subsidiary recovered well, posting strong results along with its parent company for