New York Life Investments Enhances Institutional Boutique Structure; Names CFO

NEW YORK, Nov. 22, 2010 /PRNewswire/ -- New York Life Investments today announced several enhancements to its organizational structure designed to continue its growth trajectory with a focus on the expansion of its 3rd party institutional businesses initiatives.  

"New York Life Investments remains committed to the multi-boutique investment model.  Our approach allows asset managers to benefit from our financial strength and resources while preserving the integrity and autonomy of each of our firms' investment process and culture," said John Kim, president and chief executive officer of New York Life Investments.  "We seek to provide a platform to build client focused solutions around small investment teams – groups of proven professionals with disciplined investment processes that provide clients with consistent investment results."

With the multi-boutique model continuing to serve as the firm's preferred institutional asset management structure, New York Life Investments is dividing oversight of the boutiques between traditional and alternative investments.  As such, Drew Lawton has been named to the new role of CEO of Traditional Investments and Yie-Hsin Hung has joined New York Life Investments as CEO of Alternative Investments.  

"As institutional investors continue to face a challenging environment, we recognize that our clients have a need for both traditional and alternative strategies. As such, this structural alignment demonstrates our commitment to meet our clients' evolving investment needs.  We also believe these strategies will provide our organization an important growth engine in the years to come," said Kim.

Drew Lawton

In addition to his continuing leadership of Retirement Plan Services, as head of Traditional Investments, Lawton will assume oversight of all the traditional investment boutiques effectively immediately. Those boutiques include: MacKay Shields, Institutional Capital (ICAP), Madison Square Investors (MSI) and McMorgan & Company.

Lawton joined the company in February 2010 from Fridson Investment Advisors (FIA) where he was president. Prior to FIA, he spent eleven years with Fidelity where, while serving as president and CEO of Fidelity Management Trust Company, he was instrumental in the formation of Pyramis Global Advisors, Fidelity's institutional asset management firm. Lawton last served as president and CEO of Pyramis Global Advisors Trust Company. Prior to his tenure at Fidelity, he spent sixteen years with Aetna. Lawton received a BA from Yale University and his MBA in Finance from the University of North Texas.

Yie-Hsin Hung

In joining New York Life Investments as head of Alternative Investments, Hung will be focused on growing the firm's alternative investment capabilities, including New York Life Capital Partners (NYLCAP). She will also oversee product development and marketing across the enterprise.

Hung joins New York Life Investments with over twenty years of experience at Bridgewater Associates and Morgan Stanley, where she was most recently global head of Strategic Acquisitions and Alliances for Morgan Stanley Investment Management.  During her tenure at Morgan Stanley, she led the Absolute Return Group, the firm's hedge fund business, and fund of funds business development for Alternative Investment Partners. She also held the positions of head of Private Equity and chief administrative officer.  She began her career in investment banking with a focus on the real estate sector.  Hung received a BS from Northwestern University and her MBA from Harvard Business School.

John Grady Named CFO

John Grady, who is currently responsible for the Mergers & Acquisitions area and the Treasury Department at New York Life, has been named chief financial officer of New York Life Investments. In addition to Finance, Grady will have oversight of Information Technology, Risk Management and M&A.  

"We are extremely pleased to welcome John to New York Life Investments.  His broad and deep expertise in the asset management industry as well as knowledge in Finance and M&A will be a great asset to us as we continue to embark on growth initiatives for the firm," said Kim.

Prior to joining New York Life in 2009, John worked at Old Mutual, most recently as executive vice president, global strategy and corporate development. He joined Old Mutual in 2002 as CFO of Old Mutual Asset Management and was responsible for the organization's financial activities, including accounting, management reporting, tax reporting, and treasury functions. Grady has held various financial positions at CDC IXIS Asset Management, Fleet Financial Group and The Boston Company. He holds a BS degree in Business Administration from Providence College and an MBA from Boston University.

About New York Life Investments

New York Life Investments ranks among the largest asset management firms in the United States.(1) Through its multiple boutique management structure, New York Life Investments offers access to leading institutional managers that drive performance. Through MainStay Investments and NYLIFE Distributors LLC, New York Life Investments provides access to some of the most highly regarded mutual funds and wrap accounts in the industry. Together with its affiliates and over 1,500 employees, New York Life Investments manages over $275 billion in assets as of September 30, 2010. New York Life Investments is a leading provider of retirement plans for corporations, multi-employer trusts, and individuals, and is recognized as one of the nation's top providers of guaranteed products to both the qualified and non-qualified markets.

"New York Life Investments" is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.

1. Source: Pensions & Investments, May 31, 2010.

SOURCE New York Life Investments