NEW YORK, Feb. 17 /PRNewswire/ -- MacKay Shields LLC, a wholly-owned subsidiary of New York Life Investments(1), today announced that Osbert Hood will step down as the firm's chairman and chief executive officer on March 31, 2010. Upon his resignation, Lucille Protas, MacKay's chief operating officer, will assume the role of acting CEO.
"Since joining the firm in January of 2007, Osbert has made numerous important contributions to MacKay Shields. Under his stewardship, MacKay has continued its development as a leading asset manager. We thank him for his outstanding service to the firm and wish him well in his future endeavors," said John Siciliano, chief executive officer of the Investment Boutiques at New York Life Investments.
During Hood's tenure, firm assets grew to $43 billion, with a number of investment teams delivering strong performance in a difficult market environment. In addition, the firm successfully acquired the assets of Mariner Municipal Managers LLC in 2009.
"After three challenging but successful years at the helm of MacKay, I have decided that the timing was right for me to take a sabbatical. Given the firm's current momentum and the depth and strength of our management team, I feel confident that my successor will inherit a firm that will continue this growth trajectory and lead MacKay to new heights," said Hood.
New York Life Investments has already begun the process of identifying candidates. The company anticipates naming Hood's permanent successor by mid-year.
"The leadership transition at MacKay will not impact either the firm's investment strategies or the independent teams that manage them. With Lucille's expertise and institutional understanding, we expect a smooth transition for our clients and our employees," said Siciliano.
Protas is a 36-year veteran of MacKay Shields who serves as the firm's chief operating officer. The senior managing director joined the firm in 1973 as an investment research assistant and achieved increasing levels of responsibility, being named treasurer in 1983, chief administrative officer in 1992 and COO in 2007.
"We remain fully committed to the multi-boutique model and we are confident that we will attract a new leader who will continue the MacKay tradition of excellence in investment performance and client service," concluded Siciliano.
About MacKay Shields LLC
MacKay Shields LLC manages more than $43 billion in assets as of December 31, 2009. Its clients include pension funds and other institutional investors in the US and overseas. MacKay Shields is a wholly-owned subsidiary of New York Life Investments.
About New York Life Investments
New York Life Investments ranks among the largest asset management firms in the United States(2). Through its multiple-boutique investment structure, New York Life Investments delivers investment performance through an array of products designed for both institutional and retail clients.
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. Together with its affiliates and over 1,500 employees, New York Life Investments manages over $256 billion in assets as of December 31, 2009.
(1) "New York Life Investments" is defined here as New York Life Investment Management Holdings LLC (NYLIM Holdings). "New York Life Investments" is a service mark used by NYLIM Holdings and its subsidiary, New York Life Investment Management LLC.
(2) Pensions & Investments, May 18, 2009
SOURCE MacKay Shields LLC