A liquid alternatives ETF specialist has officially found a new home, as expected.
Today Drew Lawton
, CEO of New York Life Investment Management (NYLIM
that the asset manager (an insurance company subsidiary) has closed on its purchase of IndexIQ
]. The deal, first unveiled
in December, had been slated to close in the first half of this year. It adds IndexIQ's $1.7 billion in assets under management to NYLIM's more than $310 billion in AUM (about $101 billion
of which is in MainStay).
In December when the deal was first revealed, IndexIQ CEO and co-founder Adam Patti
told told MFWire
that IndexIQ would keep its brand while its funds (at the time, 11 ETFs and 1 traditional mutual fund) would add NYLIM's MainStay
mutual fund brand to its funds, calling them MainStayIQ
funds. And he confirmed that the "full team" of 18 people at IndexIQ would make the move to NYLIM.
IndexIQ's ETF count has risen to 13 from 11 since December. As for branding, a spokesman for NYLIM now tells MFWire
that, although MainStay will be distributing IndexIQ's funds, those funds and the boutique itself will both keep the IndexIQ brand.
, co-president of NYLIM and president of MainStay, praises IndexIQ as "a pioneer and true leader in the ETF industry." And he hinted at how the NYLIM team plans to build on the IndexIQ deal.
"We look forward to leveraging their already robust ETF platform as a gateway for NYLIM and our boutiques to add new and innovative ETF solutions in the future," Fisher states.
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