New York Life Investments Introduces New Stable Value Investment Unit; Industry Veteran Aruna Hobbs to Lead Group
NEW YORK – April 21, 2010 – New York Life Investments announces the launch of Stable Value Investments (SVI), a new unit that will create and distribute proprietary fixed income money management solutions backed by book value guarantees from the New York Life Insurance Company.
“By leveraging New York Life’s strong financial position and featuring the acumen of the enterprise’s fixed income money management capabilities, SVI will create products tailored for major stable value managers and large corporate plan sponsors,” said Steven Dorval, the managing director at New York Life Investments responsible for oversight of the new division.
Leading this new unit as director and head of Stable Value Investments is Aruna Hobbs who joined New York Life in November 2009 from AEGON Insurance. As director and head of Pensions and Savings at AEGON, she was elected to the Stable Value Board of Directors for two terms and was a member of the LIMRA Marketing Officers Round Table.
“This company has deep experience in creating and managing stable value products. Although this is a new group at New York Life Investments, the asset class represents over $8 billion in assets under management firm-wide. I am very excited to join New York Life and lead a seasoned team as we seek to grow New York Life’s presence in a market currently estimated at over $600 billion,” said Hobbs.
A respected industry veteran, Hobbs served as a member of the Stable Value Investment Association (SVIA) Executive Committee. As chair of the accounting sub-committee, she was instrumental in leading the industry through significant regulatory and accounting changes.
“The recent financial crisis has generated extraordinary demand for book value guarantees from high quality providers. We are confident that, with SVI in place and under Aruna’s skilled leadership and expertise, New York Life Investments is well positioned to provide a very attractive value proposition to the marketplace,” concluded Dorval.
About New York Life Investments
New York Life Investments ranks among the largest asset management firms in the United States1. Through its multiple boutique investment structure, New York Life Investments delivers investment performance through an array of products designed for both institutional and retail clients. Through MainStay Investments and NYLIFE Distributors LLC, New York Life Investments distributes some of the most highly regarded mutual funds and wrap accounts in the industry. New York Life Investments 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, New York Life Investments manages over $256 billion in assets as of December 31, 2009.
New York Life Investments
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1. Source: Pensions & Investments, May 18, 2009.
“New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.