New York Life Investment Management Prepares to Launch Madison Square Investors LLC on January 1st

NEW YORK, Nov. 24 /PRNewswire/ -- New York Life Investment Management (NYLIM) announced today that its Equity Investors Group (EIG), will become Madison Square Investors LLC on January 1, 2009. The firm will remain a wholly-owned subsidiary of New York Life Investment Management.

"The launch of Madison Square Investors reflects our commitment to the multi-boutique institutional business model. It is our belief that by organizing around small, disciplined and autonomous investment teams, we are better positioned to offer continuity of people, process and performance across the enterprise," said John Kim, president and chief executive officer of New York Life Investment Management.

EIG currently consists of several highly experienced quantitative investment teams organized by style -- core, growth and international -- in various capitalization ranges. Each investment team employs models and processes that are unique to each product.

"As an independent boutique, Madison Square Investors will be better positioned to achieve a number of important growth objectives by enhancing our ability to offer new products in a form and risk profile desired by institutional and retail investors," said Tony Elavia, CIO of EIG and soon-to-be CEO and CIO of Madison Square Investors LLC.

At the independent boutique, the investment teams will continue to offer both traditional and alternative solutions for institutional investors, including 130-30 and absolute return strategies. These equity and balanced products are, and will continue to be, extended to retail investors through MainStay Funds and MainStay Managed Accounts.

"We believe the boutique structure will enforce even greater investment team stability and investment performance for the long-term," concluded Elavia.

About New York Life Investment Management

New York Life Investment Management, ranks among the largest asset management firms in the United States.(1) Through its multiple boutique investment structure, NYLIM delivers investment performance through an array of products designed for both institutional and retail clients. Through MainStay Investments, NYLIM offers access to some of the most highly regarded mutual funds and wrap accounts in the industry.

NYLIM is a leading provider of retirement plans for corporations, multi- employer trusts, and individuals, and is recognized as one of the nation's top providers of guaranteed products to both the qualified and non-qualified markets. Together with its affiliates and over 1,400 employees, NYLIM manages over $239 billion in assets as of September 30, 2008.

"New York Life Investment Management" and "NYLIM" refer to New York Life Investment Management Holdings LLC, a wholly-owned subsidiary of New York Life Insurance Company.

*Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parisippany, NJ 07054.

Please call 800-MAINSTAY (624-6782) for MainStay Funds prospectuses. Please consider the investment objectives, risks, and charges and expenses of an investment carefully before investing. The prospectus contains this and other information about the investment company. Please read it carefully before you invest.

(1) Source: NYLIM ranked 28th among the world's largest money managers within Pensions & Investments, May 26, 2008, "The Largest Money Managers". Rankings are based on total worldwide institutional assets under management, for the year-end 2007.

SOURCE New York Life Investment Management

CONTACT: John Puccio, New York Life Investment Management, +1-212-576-8172, [email protected]