Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right
Loading
Tap on the profile icon to edit
your financial details.

New York Life Investment Management Review

Your Details Done
by Updated

This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

New York Life Investment Management (NYLIM) is a financial advisor firm located in New York City with over $100 billion in assets under management (AUM). The firm is a subsidiary of New York Life Insurance Company (commonly known as New York Life), one of the largest insurance brands in the U.S. NYLIM commonly works with affiliated insurance companies, wrap fee program sponsors, investment funds and other institutional clients.

This firm is fee-based, which means some employees may earn compensation for recommending New York Life mutual funds. This is different from a fee-only firm, whose advisors are compensated solely by the advisory fees that clients pay.

New York Life Investment Management Background

New York Life Investment Management was founded by its parent company, New York Life Insurance Company, in 2000. NYLIM remains an indirect, but wholly owned subsidiary of New York Life Insurance Company.

Yie-Hsin Hung serves as the firm's CEO, while Anthony Malloy acts as executive vice president and chief investment officer (CIO). Between them executives, Hung and Malloy have more than 60 years of financial industry experience.

New York Life Investment Management Client Types and Minimum Account Sizes

For the most part, NYLIM tends to work with affiliated insurance companies, institutions, investment companies, pooled investment vehicles and wrap fee programs. Through these wrap fee programs, the firm indirectly has a collection of individual clients. However, the vast majority of NYLIM's AUM comes from investment companies.

The minimum size for an account managed at NYLIM varies based on the division that the account exists in. 

  • Multi-Assets Solutions Group: Minimum is set on a client-to-client basis
  • Separately Managed Accounts Group: $100,000

Services Offered by New York Life Investment Management

NYLIM offers a range of investment portfolio management services to its clients and wrap-fee programs. The firm has three divisions: the Multi-Assets Solutions (MAS) team, the Separately Managed Accounts Group (SMA Group) and its mutual fund division.

According to the firm's Form ADV, its SAS Group offers services through "fund-of-funds, customized separate accounts, model portfolio delivery or multi-manager funds structures." The firm's SMA Group focuses on fixed-income and equity advisory services for wrap fee programs. The mutual funds division provides investment management by way of several mutual funds.

New York Life Investment Management Investment Philosophy

The investment approaches that NYLIM use differs from program to program. However, they all seek to drive returns in a risk-adjusted manner according to the client's risk tolerance.

The MAS team takes a top-down investment approach to determining asset allocations for client portfolios. By conducting careful analyses of economic and market data along with macro trends, the program looks to provide valuable insights into how various companies and securities will fare as a part of client portfolios. The MAS team also focuses on multi-asset advisory services. It also has a long-term view.

The SMA Group is governed by a similar investment philosophy. SMA strategies include convertible securities, municipal bonds, large-cap and all-cap equity, global choice equity, global equity yield, emerging markets equity, international equity, hedged market and more.

Fees Under New York Life Investment Management

Fee schedules vary by client and account or program type. The MAS team tends to determine fee schedules individually for certain accounts, but rates generally range from 0.10% and 0.45% of AUM annually. SMA Group fees usually vary between 0.25% and 0.80% of AUM annually, depending on the program sponsor, negotiations and other factors. Fees are calulated and billed on a quarterly basis.

What to Watch Out For

NYLIM has a total of 15 disclosures listed on its Form ADV. However, all but one of the disciplinary actions involved the firm's parent company, not the firm itself.

The one regulatory action filed against NYLIM resulted in the firm paying a $3 million civil penalty in 2017 after a federal lawsuit alleged the firm failed to offer clients the least expensive S&P 500 index fund available on the market. 

As stated earlier, NYLIM is a fee-based firm whose employees can earn compensation beyond client-paid fees. While this fee structure can create a potential conflict of interest, the firm is a fiduciary and must always act in the best interest of the client. 

Opening an Account With New York Life Investment Management

While individuals generally don't work directly with the firm, you can contact New York Life Investment Management via its website or by calling (800) 624-6782.

All information is accurate as of the writing of this article.

Tips for Financial Planning

  • Looking for a traditional financial advisor who works with individuals and provides financial planning services? Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • If your primary financial planning goal is building a secure retirement, a good first step is to see if you're currently on track. Use the SmartAsset retirement calculator to see if your current savings will be enough to provide the retirement income you need.

How Long $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We weighed potential expenditures for a prospective retiree with a  $1 million nest egg to assess how many years that fund would cover in retirement in America’s largest cities.

We applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in metro areas across the U.S.

We assumed the $1 million would grow at a net annual return of 2% after inflation. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.