New York Life Investments Partners with CBRE to Add Global Infrastructure and Real Estate Strategies to Fund Family
New York, February 24, 2020 – New York Life Investments today announced that it is bringing additional alternative investment funds into its MainStay Fund lineup through a strategic partnership with CBRE Global Investors, a leading global real assets investment management firm. The partnership includes the launch of two mutual funds: the MainStay CBRE Real Estate Fund (Ticker: CLARX) and the MainStay CBRE Global Infrastructure Fund (Ticker: VCRAX), both sub-advised by CBRE Clarion Securities, the listed securities investment management arm of CBRE Global Investors.
“As we navigate late-cycle economic conditions, investors are increasingly seeking real assets strategies that offer an attractive combination of income, stability and growth potential over the long term,” said Kirk Lehneis, Chief Operating Officer of New York Life Investment Management. “We are thrilled to partner with CBRE, a real assets industry leader, to bring to market institutional-quality alternatives strategies that align with our clients’ portfolio construction needs.”
The MainStay CBRE Real Estate Fund invests in REITs, real estate owners, real estate managers, real estate brokers, real estate dealers, and companies with substantial real estate holdings. The MainStay CBRE Global Infrastructure Fund invests in a globally diversified portfolio of securities issued by infrastructure companies across the utilities, communications, energy, transportation, and other sectors.
“We are delighted to partner with New York Life Investments to offer our alternative strategies through its premier retail, marketing, and distribution organization,” said Ritson Ferguson, CEO of CBRE Clarion Securities. “As long-term strategic allocations, real estate and global infrastructure may play essential roles in investor portfolios and are particularly valuable in the current economic climate.”
Both the MainStay CBRE Real Estate Fund and the MainStay CBRE Infrastructure Fund are team managed. Portfolio Manager and CBRE Clarion Infrastructure CIO Jeremy Anagnos will manage the MainStay CBRE Global Infrastructure Fund along with Associate Portfolio Managers Daniel Foley and Hinds Howard. CBRE Clarion President, Chief Investment Officer and lead Portfolio Manager Joseph Smith will manage the MainStay CBRE Real Estate Fund along with Portfolio Managers Kenneth Weinberg and Jonathan Miniman.
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 our parent company, New York Life Insurance Company (New York Life). We offer clients access to specialized, independent investment teams through our family of affiliated boutiques. We remain committed to our clients through a combination of the diverse perspectives of our 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 certain investment advisors affiliated with New York Life Insurance Company.
About CBRE Clarion Securities
CBRE Clarion Securities is the listed equity management arm of CBRE Global Investors, a global real asset investment management firm with $106.2 billion in assets under management* as of September 30, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.
***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.
All investments are subject to risk and will fluctuate in value.
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.
New York Life Investment Management LLC engages the services of federally registered advisors. CBRE Clarion Securities LLC is unaffiliated with New York Life Investments. The 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.