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Rating:NYLIM Makes an ETF Play Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, December 4, 2014

NYLIM Makes an ETF Play

Reported by Neil Anderson, Managing Editor

New York Life is making an ETF play.

This morning Drew Lawton, chief executive officer of the New York City-based insurer's investment management arm, unveiled a deal to buy liquid alternative ETF shop IndexIQ [profile] and integrate it into NYLIM's MainStay [profile] mutual fund business. IndexIQ has about 12 funds and $1.5 billion in assets under management, and MainStay has $101 billion.

The deal is slated to close in the first half of next year. The pricing and terms weren't disclosed.

IndexIQ, which is backed by private equity firm FTV Capital, used RBC Capital Markets as its advisor on the deal, and Ernst & Young Capital Advisors and WeiserMazars also worked with IndexIQ on the deal. IndexIQ's legal advisor for the deal was Paul, Weiss, Rifkind, and Wharton & Garrison.

Adam Patti, CEO and co-founder of IndexIQ, calls the deal "a win for IndexIQ, for New York Life, and for investors." Lawton describes it as "a significant leap forward for New York life Investment Management. 

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