For New York Life
's MainStay Funds
, 2009 wasn't just a good year, it was a record-breaking one, reveals the latest fund data released by the company on Friday.
The MainStay Funds, which are New York Life's proprietary mutual fund complex, saw a 25 percent surge in gross sales through September 30 compared to the same period in 2008. Not only that, the MainStay funds have continued to attract new money and investors, resulting in the highest levels of net new flows through September 2009 since the fund family's inception.
“New York Life is committed to our innovative product suite and strong distribution and is pleased to be benefiting from the increased financial responsibility among consumers, who ultimately seek brands known for quality, safety and financial security – qualities that New York Life delivers,” stated Chris Blunt
, executive vice president and head of retirement income security.
The MainStay High Yield Corporate Bond Fund
was the first to launch, on May 1, 1986. The fund family's current roster includes forty-five funds, spanning a wide range of asset classes and investment styles, including equity, fixed income, blended, international, and asset allocation funds. MainStay Investments is owned by New York Life Investment Management –- a subsidiary of New York Life Insurance -- which had over $231 billion in assets under management as of September 30.
Company Press Release
NEW YORK - New York Life Insurance Company, the largest mutual life insurance company in the United States, continues to be a leader in annuity sales*. According to an industry source**, third quarter 2009 results are as follows:
New York Life is #1 in fixed immediate annuity sales, and has been
#1 since 2006.
New York Life is the #1 seller of fixed annuities in the bank
channel, up from #2 in the third quarter of 2008.
New York Life is #5 in total annuity sales, up from #11 in the
third quarter of 2008.
“We are pleased that Americans continue to choose New York Life’s annuities when critical retirement savings decisions are being made. As pre-retirees and retirees scrutinize the financial institution through which they are either accumulating their retirement funds or creating retirement income, New York Life remains a top choice. The continued surge of annuity sales puts us on pace to finish the year with a 35% increase over 2008 in fixed immediate annuity sales, and we will end the year over $1.6 billion,” said Chris Blunt, executive vice president and head of Retirement Income Security for New York Life. “New York Life is committed to our innovative product suite and strong distribution and is pleased to be benefiting from the increased financial responsibility among consumers, who ultimately seek brands known for quality, safety and financial security – qualities that New York Life delivers.”
Mr. Blunt said that sales of the MainStay Funds***, New York Life’s proprietary mutual fund complex, experienced a 25% growth in gross sales through September 30 versus the same period last year. He noted the MainStay Funds garnered its highest levels of net new flows in the history of the fund family through September 2009.
New York Life Insurance Company, a /Fortune /100 company founded in 1845, is the largest mutual life insurance company**** in the United States and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments***** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds. Please visit New York Life’s Web site at www.newyorklife.com for more information.
*Annuities are sold through New York Life’s subsidiary New York Life Insurance and Annuity Corporation.
**Source: LIMRA International, U.S. Individual Annuity Sales Survey, Third Quarter 2009 results. (Note that Fixed Immediates include Fixed Period Annuities.)
***Securities are distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, New Jersey 07054.
****As of 12/31/2008, 2009 Fortune 500, Fortune magazine, May 4, 2009. Revenue calculated according to Fortune’s proprietary formula.
*****New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
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