New York Life Investment Management of Parsippany, N.J. has announced the launch of the Eclipse Funds, a fund family made up of 18 no-load funds to be distributed through fee-based financial planners and wrap programs.
New York Life began assembling the Eclipse family when, in October, it acquired the assets of Towneley Capital Management of Laguna Hills, Ca., the asset manager of four existing Eclipse Funds. New York Life subsequently renamed its 11 MainStay Institutional Funds and changed them to no load funds to also become part of the Eclipse fund family, according to Stacey Reed, a spokesperson for New York Life.
On Dec. 29, New York Life launched three new funds: the Eclipse Mid Cap Core Fund, the Eclipse Core Bond Plus Fund and the Eclipse Tax Free Bond Fund to further add to the family. That brought the number of funds in the family to 18. The family had about $5 billion in assets under management as of Dec, 31, according to the announcement.