MainStay Investments is looking to give its retirement business a boost by offering additional non-revenue share class (R6 Shares) for six funds, effective June 17.
Specifically, the MainStay Epoch Global Equity Yield Fund (EPSPX), MainStay High Yield Corporate Bond Fund (MHCAX), MainStay ICAP Select Equity Fund (ICSLX), MainStay Large Cap Growth Fund (MLAAX) and the MainStay Marketfield Fund (MFCDX) all now sport R6 shares.
“The announcement of the R6 share class reflects our commitment to offering MainStay Funds to the DCIO market” stated Tom Smythe, director and head of New York Life’s defined contribution investment-only channel (DCIO). “By allowing qualified plan sponsors to separate investment management fees from recordkeeping and administrative fees, the R6 share class broaden the number of qualified plans that can offer MainStay Funds.”
MainStay Investments currently manages $12 billion in DCIO assets as of March 31.