MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
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Wednesday, September 27, 2006 Adoption Adds Two Billion Plus to NYLIM New York Life Investment Management (NYLIM) has adopted a trio of funds from Institutional Capital LLC (ICAP) for its Mainstay family of mutual funds. The adoption brings NYLIM roughly $2.4 billion in fund assets for its distribution platform. The funds covered in the adoption include the $435 million MainStay ICAP International Fund (ICEVX), the $1,100 million MainStay ICAP Select Equity Fund (ICSRX) and the $863 million MainStay ICAP Equity Fund (ICAUX). In addition, ICAP will continue to serve as co-manager of MainStay MAP Fund -- a mandate that it picked up on July 3. ICAP is best known in the institutional market and saw an opportunity to build the distribution and size of the funds by handing them over to a retail focused firm. ICAP will continue to run the funds' portfolios as their subadvisor with Rob Lyon, president and chief investment officer of ICAP, at the helm of the funds' investment teams. From Mainstay’s perspective, the adoption provided the opportunity to round out its line-up of large cap funds that come with a top Morningstar rated fund team. The Mainstay family already features funds subadvised by two firms: Equity Investors Group, a quantitative manager, and MacKay Shields, which takes a classic value approach. With the addition of ICAP’s relative value investment approach, MainStay rounds out its large-cap value offerings. ICAP won both the 2005 Morningstar International-Stock Fund Manger of the Year and the 2005 Morningstar Domestic-Stock Fund Manager of the Year awards. The funds' history provides an opportunity that Mainstay’s wholesalers are “thrilled” to follow up on, stated Chris Blunt, president of MainStay Investments. Printed from: MFWire.com/story.asp?s=12880 Copyright 2006, InvestmentWires, Inc. All Rights Reserved |