Picks Deutsche Executive to Head New Position

New York Life Investment Management of New York announced today that it has named Steven Schneider to the newly created position of senior managing director and chief financial officer.

Earlier this month, Schneider left Deutsche Asset Management where he was the managing director and CFO. Prior to that, he served in the same capacity at Bankers Trust Company's Private Clients Group before the firm merged with Deutsche Bank in June 1999.

'Steve brings over 15 years of financial management experience to New York Life Investment Management,' said Steve Roussin, president and chief operating officer of the firm. 'With his background in the investment management field, we expect him to make a substantial contribution to our company going forward.'

Schneider said he will leverage his experience with Deutsche and Bankers Trust, but will have the advantage of working for a smaller, more focused asset manager. 'We will focus more strategically, in terms of financial expertise, discipline and analytics, than probably the controlling entity does at Deutsche,' he said. 'Bigger isn't always better. Being focused on core competency and having a very clear strategic direction that has consistency is actually more critical than size.'

NYLIM had over $119 billion in assest as of May 31, 2001.

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