A top MainStay
] executive has big growth plans for the New York Life subsidiary's channels that lie somewhere between the traditional retail and institutional worlds.
| Brendan Gundersen|
Managing Director, Head of Institutional Intermediary Business
"We're adding folks everywhere," Brendan Gundersen
, managing director and head of the institutional intermediary business at MainStay, tells MFWire
. "We're going to try to have that be 50 percent of our sales within three years."
MainStay in December 2014 to lead the newly-created IIB unit, which covers the DC I-O, large RIA, and private bank channels, as well as research platforms. IIB now has 30 people, including a 12-person DC I-O team, six people in the research and platform group, and a four-territory
team targeting private banks and large RIAs.
MainStay already has a "really strong client base in traditional wires," Gundersen says, and its parent uses the NYLIM (New York Life Investment Management) brand for traditional institutional distribution.
"The whole focus for us is diversifying our distribution footprint," Gundersen says. "Let's tell that story to more folks on the institutional side."
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