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New York Life Investment Management Review

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New York Life Investment Management Review

New York Life Investment Management, LLC

New York Life Investment Management, LLC (NYLIM) is a financial advisor firm located in New York City with almost $82 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-only, which means it does not receive compensation from any sources other than its clients.

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, Hung and Malloy have more than 60 years of financial industry experience.

What Types of Clients Does New York Life Investment Management Accept?

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.

New York Life Investment Management Minimum Account Size

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

  • Strategic Asset Allocation and 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 Strategic Asset Allocation and Solutions Group (SAS), 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 registered 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 approach that NYLIM uses 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 SAS Group 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 SAS group also focuses on multi-asset advisory services. It also has a long-term angle.

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 SAS Group tends to determine fee schedules individually for certain accounts, but rates typically range from 0.13% and 0.45% of AUM annually. SMA Group fees usually vary from 0.25% to 0.80% of AUM annually, depending on the program sponsor, negotiations and other factors. Fees are calulated and billed on a quarterly basis.

Disclosures

NYLIM has several disclosures listed on its Form ADV. However, only two of them involve the firm itself. These disclosures relate to instances where the firm:

  • Misrepresented a mutual fund guarantee to clients
  • Failed to offer clients the least expensive S&P index fund available on the market

Despite these past issues, the firm is a fiduciary, and therefore must act in your best interest no matter what.

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. The firm does not have a publicly available phone number.

Where Is New York Life Investment Management Located?

NYLIM is located in New York City at 55 Madison Avenue. They are authorized to work with clients across the U.S., so your proximity to the firm's headquarters won't impact your ability to open an account.

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How Many Years $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 To determine how long a $1 million nest egg would cover retirement costs in cities across America, we analyzed data on average expenditures for seniors, cost of living and investment returns.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then 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 the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. This reflects the typical return on a conservative investment portfolio. 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.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research