For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
Administration April 10, 2001
NYLIM Buys QED in Third 2001 Acquisition
October 4, 2001 (PLANSPONSOR.com) - As part of its
ongoing strategy to round out its product offerings, New York
Life Investment Management (NYLIM), a subsidiary of New York
Life Insurance Company, has acquired the investment
management business of QED Investments.
Reported by Camilla Klein
With approximately $650 million in assets under management, QED brings to NYLIM a expertise in quantitative asset management and an established wrap account business.
Dr Bernard Tew, president of QED, will retain investment management oversight of QED’s portfolios and the group will maintain its offices in Kentucky. Its employees will fall under New York Life Investment Management upon the completion of the transaction.
This marks the third acquisition for NYLIM in the past year. In December 2000, NYLIM acquired the assets of Towneley Capital Management relating to the management of mutual funds and separate accounts, and in September 2001, NYLIM acquired McMorgan & Co of San Francisco.