MacKay Shields, has promoted Donald Morgan to managing director of the high yield group, Friday. He is replacing, Steven Tananbaum who left the New York Life Insurance Company subsidiary, which manages $34 billion in assets.

Morgan, 30, will oversee the seven-member team responsible for managing high yield strategies for institutional and mutual fund clients. He will be reporting directly to Ravi Akhoury, chairman and CEO of MacKay. 

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