New York Life Investment Management has announced that its equity investors group will become Madison Square Investors LLC on Jan. 1.

The firm, which comprises several quantitative investment teams, is to remain a wholly owned subsidiary of New York Life Investment Management, the company said Monday.

The company said that the investment teams are to continue offering both traditional and alternative strategies for institutional investors, including the 130-30 and absolute return strategies.

These equity and balanced products are, and will continue being, offered to retail investors through MainStay Funds and MainStay Managed Accounts.

New York Life Investment Management, which is a unit of the New York Life Insurance Co., had $239 billion of assets under management at Sept. 30.

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