New York Life Investment Management
, which owns fund firm MainStay Investments
and a host of investment boutiques, cut less than 5 percent of its workforce of 1,700
last month, company spokesman John Puccio confirmed to The MFWire
. The cuts were spread "across the enterprise," Puccio said.
"We're not immune to this historic downturn," Puccio told The MFWire
. NYLIM implemented the headcount reduction on January 22.
The only investment team affected by the cuts were from McMorgan & Co,
he said. The reduction in that investment team stemmed from a strategic decision at San Francisco-based McMorgan naming fellow NYLIM affiliate McKay Shields
as sub-advisor to its fixed-income portfolios.
McMorgan's decision affects two MainStay funds: Principal Preservation Fund
and Institutional Bond Fund
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