New York Company Launches 5 Funds Of Funds

West Palm Beach (HedgeCo.Net)- New York Life Investment Management announced the creation of the MainStay Retirement Funds. This series will consist of five funds of hedge funds with target retirement dates of 2010, 2020, 2030, 2040 and 2050, respectively.

The series will be managed by NYLIM’s Equity Investors Group (EIG) and will be primarily distributed to plan sponsors by New York Life Retirement Plan Services (RPS), a division of NYLIM. MainStay Retirement Funds will be available for purchase on June 29th.

“We believe it is critical for plan sponsors to select target date funds that incorporate a broad diversification of asset classes, managed by experienced investment professionals who employ active risk management, (the funds) will be managed by experienced portfolio managers already responsible for over one billion dollars in asset allocation funds,” said Don Salama, senior managing director and head of New York Life Retirement Plan Services.

“With the option to incorporate sophisticated institutional investment strategies into target date allocations — and with the ability to tap non- proprietary expertise — we’ve structured the funds to be flexible, diversified and to seek superior performance. This target date series is not only built to last, but to perform their job in an uncertain, long-term market environment,” said Tony Elavia, senior managing director and chief investment officer of EIG, and lead portfolio manager of the MainStay Retirement Funds.

With over $243 billion in assets under management as of April 30, 2007, New York Life Investment Management (NYLIM) and its affiliates provide investment management and related services to a wide range of individual, corporate, public, and Taft-Hartley clients. NYLIM offers institutional asset management, retail investments, retirement plan services, guaranteed products, real estate investments, and alternative investments.

Alex Akesson

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