A top distribution executive just left MainStay Investments [profile].

David Scott Hescheles

MFWire has learned that David Hescheles left the New York Life mutual fund subsidiary last week. According to his LinkedIn profile, Hescheles most recently served as senior managing director and national sales manager for MainStay, leading intermediary sales across the wirehouse and regional B-D, independent B-D, RIA, bank, and DC I-O channels.

"We thank David for his many contributions over the years and wish him all the best in his future endeavors," Stephen Fisher, president of the MainStay Funds and president of New York Life Investment Management (NYLIM), told MFWire in an emailed statement:

We are extremely committed to our asset management business and continue to build out our sales and marketing teams in Retail, DCIO, Private Bank, and RIA channels, as well as building a strong specialist team for IndexIQ - our leading ETF provider. We continue to invest in training, technology and portfolio construction capabilities to support our customers in a consultative, goals-based fashion, and provide strong solutions to build smarter portfolios for any market environment.

Hescheles' departure comes shortly after several big changes in the asset management side of the mutually-owned insurance company. In April, New York Life sold its retirement plan recordkeeping unit and bought liquid alts ETF specialist IndexIQ. Then in May NYL insurance agency group president Chris Blunt rose to president of New York Life Investments, while NYLIM co-president Yie-Hsin Hung rose to CEO of NYLIM, reporting to Blunt. Hung's fellow NYLIM co-president, Fisher, remains president of NYLIM and now reports to Hung.

An alumnus of the Wharton School at UPenn and of the University of Wisconsin-Madison, Hescheles first joined New York Life 11 years ago as an external wholesaler and rose through the ranks.

As of April 30, MainStay had more than $95 billion in AUM. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE