New York Life elects Kim as vice chairman

New York Life has elected John Kim as vice chairman. Kim will oversee the company’s technology function in addition to his current responsibilities. Kim will continue as president of New York Life’s Investments Group, as well as chief investment officer of New York Life Company. With his combined roles, Kim oversees about $400 billion in assets.

Press Release

New York Life announced today that John Y. Kim, 53, has been elected a vice chairman of the company and will now oversee the company’s technology function in addition to his current responsibilities. Mr. Kim will continue as president of New York Life’s Investments Group, which includes the investment management, annuities and retirement plan recordkeeping businesses, as well as chief investment officer of New York Life Insurance Company. In these combined roles he is responsible for approximately $400 billion in assets under management.

“Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)”

Ted Mathas, chairman and CEO of New York Life, said, “Under John Kim’s leadership our Investments business has grown to become a vital part of New York Life, significantly expanding our profile and our profitability and contributing to our financial strength. He also has done a superb job since 2011 as our chief investment officer. I’ve asked John to now expand his corporate responsibilities to include oversight of enterprise-wide technology, a key component of our future success. In recognition of this newly expanded role and the leadership, drive and commitment to our mission John has demonstrated since joining the company in 2008, he has been named vice chairman of the company. With John’s broad and deep experience and judgment we know he will continue making important contributions in the position of vice chairman.” Mr. Kim will continue reporting to Mr. Mathas.

Rapid Growth Prompts Organizational Adjustments

New York Life’s Investments Group has been growing rapidly, more than doubling assets under management to $400 billion in the five years since the financial crisis by employing an extremely successful multi-boutique approach. Moreover, the pending acquisition of Dexia Asset Management will add important scale and geographical diversity to the company’s investment management business. This accelerating growth has led the company to make additional adjustments to the Investments Group’s executive management in order to more effectively manage this growth in the future.

With the growth of the third party asset management business the asset management function will be split in two, with Senior Managing Director Drew Lawton heading a new organization named New York Life Investment Management (NYLIM) that will focus on the third party business. Mr. Lawton will serve as CEO of NYLIM. The company’s General Account assets will be part of a new entity named NYL Investors LLC that will also handle third party assets in select areas. Senior Managing Director Anthony Malloy, who oversees the General Account and other businesses, is appointed CEO of NYL Investors. Both executives will continue reporting to Mr. Kim.
Two executives who have been responsible for exceptional growth in their respective areas, Senior Managing Directors Stephen Fisher and Yie-Hsin Hung, are named co-presidents of NYLIM, reporting to Mr. Lawton. Ms. Hung is in charge of the international, fixed income and private equity institutional businesses. With the pending acquisition of Dexia Asset Management with its footprints in Europe and Australia, NYLIM is well on its way to being a truly global asset manager. In light of that, Ms. Hung assumes the chairmanship of NYLIM International, newly formed in recognition of the growing importance and contribution of international clients to NYLIM’s growth. Mr. Fisher, head of the company’s mutual fund business that includes the MainStay Funds, has overseen the tripling of mutual fund assets under management in the past five years, to about $95 billion today. Mr. Fisher is adding Third-Party Distribution to his current portfolio of responsibilities.
Senior Managing Director Alison Micucci, who is currently responsible for Structured Settlements, will also resume responsibility for Guaranteed Products, an area she led from 2009-12. This brings together the two businesses that issue New York Life’s group annuity products. Ms. Micucci will also continue her role as chief administrative officer for the Investments Group, and will continue reporting to Mr. Kim.
Corporately, the technology function is a critical focus of New York Life’s future success. Senior Vice President David Castellani, who recently took on the important role of Business Information Officer, now reports to Mr. Kim. Mr. Castellani is in the process of designing a technology roadmap to transform New York Life’s technology capabilities to meet the company’s long-term business goals.
Mr. Mathas said that all of the appointments are effective immediately.

Commenting further on the changes, Mr. Mathas said, “The growth of our Investments business is not only a strategic success story, but also a policyholder value story. The most tangible sign of that occurred in November, when the Board of Directors of New York Life approved an increase in the dividends we pay to participating policyholders – an increase that would not have been possible without the significant contributions that the Investments Group made to the company’s surplus in 2013. We’re confident that Investments will continue to be a strong and reliable source of earnings going forward, which benefits all of the members of our mutual company, whether it be directly through dividends or more generally through our growing financial strength, safety and soundness.”

Executive Biographical Information

Mr. Kim joined New York Life in 2008 after an impressive 25-year record as a highly successful business executive with deep knowledge of investment management and strong operational skills running numerous businesses. He has served as a member of New York Life’s Executive Management Committee since the start of his tenure with the company. Prior to joining New York Life Mr. Kim had been president of Prudential Retirement, where he led its defined benefit, defined contribution and guaranteed products businesses, and before that he was president of CIGNA Retirement and Investment Services. He also spent 17 years with Aetna Life & Casualty, where he rose to the position of President and CEO of Aeltus Investment Management as well as CIO of Aetna Life Insurance and Annuity Company. Mr. Kim is a graduate of the University of Michigan and holds an MBA from the University of Connecticut.

Drew Lawton most recently served as the Head of the Retirement Solutions business in the New York Life Investments Group. In this capacity, he oversaw New York Life’s Retirement Plan Services (RPS) division, the Guaranteed Products business, and Retail Annuities’ product and service organizations. In addition, he managed third party distribution activities for mutual fund and annuity products. Mr. Lawton has over 30 years of industry experience. Previously, Mr. Lawton had responsibility for overseeing New York Life’s equity- and fixed income-focused investment boutiques. He joined the firm in 2010 having spent 11 years with Fidelity Investments in Boston, initially as Senior Vice President at Fidelity’s Retirement Services Company. He also served as Executive Vice President of DB Solutions for Fidelity Employer Services and President and Chief Executive Officer of Fidelity Management Trust Company. In 2005, he was instrumental in the formation of Pyramis Global Advisors Trust Company, Fidelity’s institutional asset management firm, where he also served as President and Chief Executive Officer. Following his career at Fidelity, Mr. Lawton was a co-founder of Fridson Investment Advisors where he served as President. Prior to his tenure with Fidelity, Mr. Lawton spent 16 years with Aetna serving in a variety of positions, most recently as Chief Marketing Officer for Aeltus Investment Management, responsible for defined benefit and defined contribution distribution, marketing, and client service of investment products. Mr. Lawton received a BA from Yale University and his MBA in Finance from the University of North Texas.

Anthony Malloy most recently served as the Head of the General Account Investment Management business. Mr. Malloy is responsible for more than $190 billion of fixed income and real estate assets for New York Life’s general account and third party clients. He oversees New York Life’s Fixed Income, Private Capital, and Real Estate investment management divisions. Additionally, Mr. Malloy is Chairman of Madison Capital Funding, the firm’s middle market finance subsidiary. Mr. Malloy has more than 25 years of investment management and financial services experience. He joined New York Life in 1999 and previously held the position of Senior Managing Director and head of Fixed Income. He also served as Managing Director and head of Leveraged Finance. Prior to joining the firm, Mr. Malloy achieved positions of increasing responsibility in lending, risk management, and debt capital markets with J.P. Morgan, Toronto-Dominion, and First Chicago. Mr. Malloy received his BA in English and Economics from Middlebury College and his MBA in Finance from New York University.

Yie-Hsin Hung most recently served as the Head of the Institutional Investments business within the New York Life Investments Group. In this capacity, she was responsible for the equity, fixed income, and alternatives focused investment boutiques which manage nearly $150 billion in client assets. Ms. Hung was also responsible for the Asset Allocation group, as well as the firm’s European institutional distribution activities and presence. Ms. Hung joined the firm in 2010 with more than 25 years of industry experience, having served as senior advisor at Bridgewater Associates and Managing Director and global head of Strategic Acquisitions and Alliances at Morgan Stanley Investment Management. At Morgan Stanley, she also served as Chief Administrative Officer, head of the firm’s private equity and absolute return businesses, and had responsibility for the business development effort of the Alternative Investments group. Prior to that, Ms. Hung was a Managing Director in Morgan Stanley’s Investment Banking Division for a number of years, with a primary focus on Real Estate. Ms. Hung received her BS in Mechanical Engineering from Northwestern University and her MBA from Harvard Business School.

Stephen Fisher most recently served as the Head of Retail Investments. He also serves as President of the MainStay Funds and Chief Marketing Officer for the New York Life Investments Group. Mr. Fisher is responsible for overseeing the MainStay Funds, including product development, portfolio analytics and risk oversight, administration, broker/dealer and shareholder services, marketing, and creative/digital services. Prior to joining the firm in 2003, Mr. Fisher was responsible for marketing and product management for UBS Global Asset Management as a Managing Director. Previously, he was involved in marketing and product development at both Morningstar, Inc. and Prudential Investments. Mr. Fisher has over 25 years of industry experience. Mr. Fisher holds FINRA Series 7, 24, and 63 registrations. Mr. Fisher holds a BA in Economics from the University of Pennsylvania and received his MSc. in Economics from the London School of Economics.

Alison Micucci most recently served as the Chief Administrative Officer of the New York Life Investments Group. In this role, she was responsible for Strategy, Structured Settlements, Strategic Technology Investments, Internal Communications, President Support, and Project Management Activities. Ms. Micucci joined the firm in September 2002, assuming the role of Chief Compliance Officer in 2003 and later serving as Head of Legal and Compliance. She also previously acted as the Chief Compliance Officer for the MainStay Funds. Prior to that, Ms. Micucci led the Guaranteed Products division. Previously, Ms. Micucci was a Vice President at Goldman Sachs Asset Management with management responsibilities over a range of investment adviser compliance areas. She began her career as an enforcement attorney with the U.S. Securities and Exchange Commission and also worked as an in-house attorney for Prudential Investments providing legal support on investment advisory issues. Ms. Micucci has over 20 years of industry experience. Ms. Micucci received a BA in Economics and Political Science from the University of Massachusetts in Amherst, MA, and a JD from Western New England College School of Law. She is admitted to practice law in New York, New Jersey, and Massachusetts.

New York Life Insurance Company, 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. New York Life has the highest financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.

Please visit www.mainstayinvestments.com for a prospectus or a summary prospectus. Investors are asked to consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and the summary prospectus contain this and other information about the investment company. Please read the prospectus or summary prospectus carefully before investing.

Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054.

*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, May 20, 2013. See http://money.cnn.com/magazines/fortune/fortune500/2013/faq/?iid=F500_sp_method%20 for methodology.

**Individual independent rating agency commentary as of 8/1/13.

***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.

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