New York Life Investment Management
has opened two new funds in it Mainstay line-up. The Select 20 Equity Fund and Mid Cap Growth Fund, opened today.
Affiliate MacKay Shields
, which sub-advises most of Mainstay's funds, will also manage the new pair. The new offerings fill in gaps in Mainstay's product line and spices up its investment strategies with the Select 20 Equity Fund.
"The new funds offer new portfolio management strategies within our fund family," said Brian Lee
, president and chief executive officer of retail markets for NY Life. "MainStay recognizes that no one approach to investing is the 'right' one - so we continue to enhance the choice of approaches we offer to investors."
The Select 20 Equity Fund focuses on twenty securities selected by MacKay Shields' growth and value investment teams. The fund is mandated to weigh at least 65% of its assets in the area, shooting for high capital appreciation.
According to Beverly Moore
, managing director of marketing for NY Life, using the same sub-adviser brings consistency to the fund family while the innovation comes from sector and style decisions for each individual fund.
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