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Wednesday, February 11, 2009

NYLIM Trims its Staff

by: Armie Margaret Lee

New York Life Investment Management, which owns fund firm MainStay Investments and a host of investment boutiques, cut less than 5 percent of its workforce of 1,700 last month, company spokesman John Puccio confirmed to The MFWire. The cuts were spread "across the enterprise," Puccio said.

"We're not immune to this historic downturn," Puccio told The MFWire. NYLIM implemented the headcount reduction on January 22.

The only investment team affected by the cuts were from McMorgan & Co, he said. The reduction in that investment team stemmed from a strategic decision at San Francisco-based McMorgan naming fellow NYLIM affiliate McKay Shields as sub-advisor to its fixed-income portfolios.

McMorgan's decision affects two MainStay funds: Principal Preservation Fund and Institutional Bond Fund

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