New York Life Investment Management of New York announced last week that its fund group, MainStay Funds Management of Parsippany, N.J., will host a pro-am tennis event to coincide with the U.S. Open. MainStay has invited 50 advisors, brokers, pension fund managers and others to participate in the first annual MainStay Invitational Aug 28th. The tournament will be held in Long Island City, New York, near the U.S. Open, in Flushing. The tournament will be held on opening day of the professional tennis tournament.
The goal of the tournament is to increase brokers', advisors' and others' awareness of Mainstay Funds, said Peter Moeller, executive vice president of sales. New York Life has boosted the firm's marketing budget considerably and earlier this year, the company launched its first print advertising campaign, he said.
Moeller declined to disclose how much Mainstay will spend on advertising and marketing this year or on the tennis event.
The MainStay invitees will participate in a clinic with coaching from several former U.S. Open and Wimbledon champions. A doubles tournament between the brokers, advisors and others will be held following the clinic.