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Tuesday, December 22, 2009

MainStay's Sales Head Moves On

Reported by Armie Margaret Lee

Chris Parisi has left his post as managing director and head of national sales at New York Life's MainStay Investments. Parisi left the firm in the first week of December, New York Life spokesman John Puccio confirmed to The MFWire.

"A replacement has not been named at this time to take over his responsibilities," Puccio said.

Parisi could not immediately be reached for comment.

Parisi joined New York Life Investment Management as a divisional sales manager in September 2004. He previously worked at BlackRock and Federated Investors.

Is his role as MainStay national sales manager, Parisi reported to Mike Coffey, senior vice president for third party distribution in New York Life's Retirement Income Security group. That group, formed last year, sells mutual funds, annuities and guaranteed income products.

Parisi's departure isn't the only change at New York Life in recent weeks. As previously reported by The MFWire, Parisi's boss on November 10 unveiled a new distribution model aimed at speeding sales and service. Coffey added three hybrid wholesalers, bringing the total wholesaler count at RIS to 63. In addition, Coffey aligned the relationship management team by client rather than by product.

Parisi's departure also comes as MainStay is enjoying strong sales. Friday last week, New York Life revealed that gross sales of MainStay Funds were up 25 percent through September 30 compared to the same period last year. Net flows through September hit a record high, company officials said.  

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