New York Life Insurance Co. has added seven funds to its MainStay Funds family, bringing the total to 33 retail and institutional funds.
For the first time MainStay is using unaffiliated portfolio managers as subadvisers. They are Gabelli Asset Management Co., which will run the Blue Chip Growth fund; John A. Levin & Co., for the Research Value Fund; and Dalton, Greiner, Hartman, Maher & Co. for the Small Cap Value Fund.
MacKay-Shields Financial Corp. and Madison Square Advisors Inc. will run the Global High-Yield Bond Fund and the Growth Opportunities Fund, respectively.
Those companies are subsidiaries of New York Life.
The additions will broaden MainStay's offerings as the 12-year-old fund complex looks to increase its $17 billion of assets, the company said.
MainStay Funds are distributed through New York Life's insurance representatives, wire houses, and financial advisers, as well as some banks.
New York Life aims to more than triple its sales through banks this year, to $100 million. Earlier this year it created a bank and financial adviser sales division.
The company sold $3.1 billion of mutual funds last year.
