New York Life Investment Management has added QED Investments LLC to its roster. The Parsippany, N.J.-based firm picks up $650 million in assets under management as well as a managed account product line.
"QED brings to NYLIM a proven approach to quantitative asset management and an established wrap account business," said Gary Wendlandt, CEO of NYLIM, in a statement. NYLIM does not offer its own retail separate account product.
QED will remain in its Lexington, Ky., offices but will now tap into NYLIMs distribution and marketing. Bernard Tew, QEDs president, will remain at the helm of the units investment management.
Although NYLIM offers quant investing through NYLIM Quantitative Strategies, QED uses a different investment philosophy.
In time, QED may add to NYLIMs mutual fund lineup. "QED does bring to NYLIM additional investment management expertise that could conceivably be used in that way," said NYLIM spokeswoman Diane Kagel. While QED is open to the idea, the firms currently have no such plans, she said.
Kagel also said that NYLIM does not anticipate cutting any staff as the result of operational efficiencies.