New York, June 30, 2020 – New York Life Investments today announced the launch of the MainStay ETF Allocation Suite, a collection of five target risk-based asset allocation funds invested in low-cost, unaffiliated passive ETFs.
“Recent market volatility has underscored the critical importance of well-diversified and risk-oriented asset allocation strategies that offer a range of solutions and investment objectives from income preservation to long-term capital growth,” said Kirk Lehneis, Chief Operating Officer of New York Life Investment Management and President of MainStay Funds. “Our new allocation suite provides clients with a full range of relatively low-cost solutions tailored to different risk tolerances, harnessing our multi-asset expertise to navigate the rapidly changing investment environment.”
The MainStay ETF Allocation Suite includes five strategies that invest across the following targeted risk profiles:
MainStay Defensive ETF Allocation Fund (MDNAX)
MainStay Conservative ETF Allocation Fund (MNEAX)
MainStay Moderate ETF Allocation Fund (MDAAX)
MainStay Growth ETF Allocation Fund (MOEAX)
MainStay Equity ETF Allocation Fund (MWFAX)
Each strategy seeks to achieve its investment objective by leveraging fundamental and quantitative approaches to invest primarily in third-party fixed income and equity passive ETFs. In accordance with its risk profile, each fund offers a distinctly different allocation to underlying U.S. equity, international equity and/or fixed income ETFs.
The MainStay ETF Allocation Suite is managed by New York Life Investments’ Multi-Asset Solutions team, led by Jae Yoon – Chief Investment Officer, New York Life Investment Management, and includes Jonathan Swaney – Managing Director and Senior Portfolio Manager, Poul Kristensen – Managing Director, Economist, and Portfolio Manager, and Amit Soni – Director and Portfolio Manager. The Multi-Asset Solutions portfolio management team is supported by investment specialists and portfolio strategists Lauren Goodwin and Robert Serenbetz, who provide fundamental research and economic and markets expertise.
About New York Life Investments
With $593 billion in Assets Under Management* as of December 31, 2019, New York Life Investments is comprised of the affiliated global asset management businesses of its parent company, New York Life Insurance Company (New York Life). New York Life Investments offers clients access to specialized, independent investment teams through its family of affiliated boutiques and remains committed to its clients through a combination of the diverse perspectives of its boutiques and a long-lasting focus on sustainable relationships.
New York Life Insurance Company (www.newyorklife.com), 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. Headquartered in New York City, New York Life Insurance Company's family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Insurance Company has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies***.
*AUM includes assets of Investment Advisors affiliated with New York Life Insurance Company as of 6/30/20. AUM for Candriam and Ausbil is reported at the spot rate.
**Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/19. For methodology, please see http://fortune.com/fortune500/.
***Individual independent rating agency commentary as of 9/12/19: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+). The financial strength of New York Life Insurance Company applies only to its insurance products and not to investment products which are subject to market risk and fluctuation in value.
“New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company.
For more information about MainStay Funds®, call 800-624-6782 for a prospectus or summary prospectus. Investors are asked to consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus or summary prospectus contains this and other information about the investment company. Please read the prospectus or summary prospectus carefully before investing.
MainStay Funds® are managed by New York Life Investment Management LLC and distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC.