New York Life Investment Management announced yesterday the formation of a new unit that will focus on marketing NYLIMs institutional investments to a variety of markets, including unbundled defined contribution plans, defined benefit plans, and foundations and endowments.
The new unit, which has not yet been given a name, will be headed by Marc Brookman. He is expected to soon build the team to market the firms separate accounts, commingled funds, alternative investments and real estate investment products. Brookman, who joined NYLIM in 1998, was head of NYLIM Retirement Services. Before going to NYLIM, he served as National Sales Director at United Asset Management Retirement Plan Services.
Barry Schub will replace Brookman as head of the firms Retirement Services business. Previously, Schub was a VP at E*Trade where he managed online 401(k)s, 529 college saving programs and retail retirement products. Before joining E*Trade, Schub served as president of UAM Retirement Plan Services.