MacKay Shields wins Institutional Investor's 5th Annual U.S. Investment Management Award in the “Fixed Income High Yield” category

Second Industry award recognition for 2014

NEW YORK, June 24, 2014 – MacKay Shields LLC (“MacKay”), a leading fixed income investment management firm, is pleased to announce that it has received a 2014 U.S. Investment Management Award from Institutional Investor magazine for the “Fixed Income High Yield” category. The award recognizes MacKay’s track record of success in high yield fixed income strategies.

“The challenging low rate environment has magnified the need for innovative income-oriented investing, and we are delighted to be recognized for this award by the institutional investment community,” said Jeffrey Phlegar, Chairman and Chief Executive Officer of MacKay Shields. “This award is a testament to the unparalleled level of expertise and insight we bring to our clients so that they achieve their goals and objectives.”

For more than 40 years MacKay has built a strong foundation for investment success employing a centralized infrastructure that supports its four independent, autonomous investment teams, allowing them to focus exclusively on the investment needs of its clients. MacKay’s investment teams include: Global Fixed Income, Municipal Managers, High Yield and Convertible, all of whom benefit from bottom-up credit-centric fundamental research, coupled with top-down macroeconomic analysis in certain strategies to identify investment opportunities with attractive risk-reward characteristics.

This is the second industry award for MacKay this year, as their Global Fixed Income team, subadvisor of the MainStay Unconstrained Bond Fund (Tickers: MASAX, MSDIX), received the prestigious 2014 U.S. Lipper Fund Award for outperforming peers in the brand new Alternative Credit Focus Funds category based on performance history as of 11/30/13, for the 3- and 5-year periods.

About the Award

A list of top performing managers in each of the 37 strategies was identified by Institutional Investor magazine's editorial and research teams based on data provided by eVestment. In parallel, a 'call for nominations' was conducted to the industry-at-large inviting nominations. This combined intelligence was used to develop a short-list of nominees in each strategy. More than 1,000 leading U.S. pension plans, foundations, endowments and other institutional investors were then surveyed and asked to vote for up to three managers in each strategy in which they invest that demonstrated the best overall performance during the past year. Investors were also provided the option to write-in a manager if they did not appear on the pre-populated short-list. Institutional Investor's editorial team analyzed the survey results to determine the winners.

About MacKay Shields LLC

MacKay Shields LLC (“MacKay”) is a global, multi-product fixed income investment advisory firm managing approximately $85 billion in assets as of April 30, 2014. Its clients include pension funds and other institutional investors in the U.S. and overseas. MacKay Shields is an indirect, wholly-owned subsidiary of New York Life Insurance Company. Please visit MacKay’s website at www.mackayshields.com for more information.