The company claims that it is the first state-specific municipal bond strategy, which will bring yield attractive return.
MainStay Funds president Stephen Fisher said since the Mackay Shields acquisition of MacKay Municipal Managers three years ago, MainStay has had the opportunity to provide investors access to one of the most respected municipal bond investments teams in the US.
"Bob and John have managed municipal credit and portfolio strategies together for 19 years and are supported by dedicated research and risk management personnel with an average of 20 years of experience," Fisher added.
"When you factor in the higher taxes in New York and that there are a lot of residents in upper tax brackets in the state, this fund could prove to be a compelling value for residents as well as for some outside of New York, who may be looking for diversification within their entire municipal bond exposure."
MacKay Municipal Managers John Loffredo said, "When it comes to the New York municipal market, the supply is manageable, it’s diversified enough where we can run relative value strategies to it, and we believe demand is only going to increase as time goes on."
An indirect wholly-owned subsidiary of New York Life Insurance Company and a wholly-owned subsidiary of New York Life Investment Management Holdings, MacKay had nearly $64.8bn in assets under management as of 31 March 2012.
The US wealth manager offers customers a wide variety of fixed income strategies for institutional clients and retail mutual funds, such as high yield, high yield active core, core plus, global fixed income, municipal and investment grade.
