New York Life Insurance Company of New York will merge its eight investment management and consulting subsidiaries into a single asset-management unit, to make a more concentrated push into the mutual fund and annuity businesses, the firm has announced.

The new subsidiary, New York Life Asset Management LLC, will have more than $130 billion of assets under management and 1,000 employees, and will combine retail and institutional lines of business.

A recent hire who joined New York Life only last year from Massachusetts Mutual Life Insurance Company, Gary Wendlandt, will assume the title of chairman and chief executive officer of the new subsidiary. In addition, Wendlandt will retain the title of executive vice president of New York Life. At MassMutual, Wendlandt was executive vice president and chief investment officer.

Stephen Roussin will serve as president and chief operating officer of the new subsidiary. In this new role, Roussin will continue to oversee the firm's retail and institutional mutual fund businesses, as well as pension and 401(k) accounts. Roussin has been with the firm for three years, having joined from SalomonSmithBarney of New York, where he was senior vice president and head of mutual fund marketing.

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