New York Life's Mainstay Funds is jumping on the asset allocation fund bandwagon. The insurer's fund arm is launching four asset allocation funds of funds. Asset allocation funds have been some of the best selling products over the past year.

The new funds will be Mainstay Conservative, Moderate, Moderate Growth and Growth.

"The MainStay Asset Allocation Funds were designed in response to the growing need for a complete investment solution among financial advisors and consumers – especially consumers with small- to mid-size investment portfolios," said Chris Blunt, president of MainStay Investments.

Each of the funds will invest in a mix created from 12 MainStay mutual funds, including: MainStay Large Cap Growth Fund, MainStay All Cap Growth Fund, MainStay Common Stock Fund, MainStay Map Fund, MainStay Small Cap Opportunity Fund, MainStay Small Cap Value Fund, MainStay Value Fund, MainStay International Equity Fund, MainStay Floating Rate Fund, MainStay High Yield Corporate Bond Fund, MainStay Intermediate Term Bond Fund and MainStay Indexed Bond Fund.

"The MainStay Asset Allocation Funds are monitored daily and rebalanced as needed to maintain the integrity of all target allocations,” noted Tony Elavia, chief investment officer of NYLIM Equity Investors, the NYLIM division responsible for the Funds’ portfolio management.  

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