N.Y. Life Unit Unveils Funds Of Funds

Nov 28 2012 | 2:06am ET

A New York Life Investment Management subsidiary has launched its first funds of hedge funds.

MainStay Investments said the funds are designed for small and medium-sized institutional investors. The vehicles, a master fund and a feeder fund, are subadvised by Richmond, Va.-based Private Advisors.

The Private Advisors Alternative Strategies Master Fund and its feeder invest in a variety of hedge fund strategies, including credit, event-driven, global macro, long/short equity and relative value.

"Institutional investors and pension funds have long relied on alternative investments such as hedge funds to diversify their portfolios and achieve returns," MainStay President Stephen Fisher said. "Today, we’re seeing more and more demand among individual investors for investments that offer the benefits of hedge funds—long-term capital appreciation, less volatility and a low correlation to the equity and fixed-income markets—with more liquidity and flexibility."


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...