NYLife Distributors, the arm of New York Life Insurance Co. that markets the MainStay Funds, has hired a new president.
Mark Gordon, who previously directed nationwide sales of mutual funds and fee-generating business for Seligman Financial Services, joined NYLife at the beginning of October.
The MainStay Funds, headquartered in Parsippany, N.J., comprise 22 retail portfolios, with $12 billion of assets. NYLife has a fledgling bank sales program for the funds; it has been fully staffed only since midyear.
Mr. Gordon, 43, oversees sales through NYLife's agents, brokerages, and independent financial planners. He succeeds Frank Mistero, who retired recently after holding the position for seven years.
Mr. Gordon supervises 50 wholesalers, including nine dedicated to the bank channel, said Stephen C. Roussin, president and chief executive officer of the MainStay Funds.
New York Life Asset Management, the company's investment management arm, manages about $50 billion.