New York Life Investments today said it achieved company records in both gross and net sales in 2011.
Specifically, the firm’s Investments Group, which offers retail mutual funds through its MainStay Funds family, set new sales records for MainStay mutual funds. Investment sales increased 35% to $51 billion in 2011, driven by “exceptional growth in sales of institutional separate managed accounts, retail mutual funds, and stable value products in our retirement planning providers,” according to the firm.
The firm also reported that its total assets under management increased $30 billion in 2011 to a new high of $337.8 billion, up 9.8% from 2010.
Hung Tran writes for Money Management Executive.