New York Life Completes Acquisition of Equity Stake in Cornerstone Capital Management LLC
New York, February 1, 2013 – New York Life, through wholly owned subsidiary Madison Square Investors LLC., ("MSI") announced today it has completed the acquisition of a minority stake in Cornerstone Capital Management LLC. As part of the previously announced transaction, the ownership in Cornerstone Capital Management LLC will increase to a substantial majority interest over a period of seven years.
MSI has changed its name to Cornerstone Capital Management Holdings LLC, effective January 25, 2013 and the two companies together will manage a total of around $13.5bn in assets under management. Investors have the opportunity to invest in a broad array of quantitative and fundamental U.S. and international equity and absolute return strategies across all market cap ranges.
About Cornerstone Capital Management LLC
Cornerstone Capital Management, LLC is a Minneapolis-based global investment and financial advisory firm for institutions and private clients. Founded in 1992, Cornerstone currently manages close to $3 billion in assets as of December 31, 2012.
About Cornerstone Capital Management Holdings LLC (formerly MSI)
With more than >$10.5 billion in assets under management as of December 31, 2012, the entity formerly known as Madison Square Investors, now operating as Cornerstone Capital Management Holdings LLC, offers disciplined equity investment solutions to a wide range of institutional investors. Strategies range from purely quantitative to highly concentrated fundamental, both domestically and internationally, across a wide range of tracking errors.
Cornerstone Capital Management Holdings LLC is an indirect wholly owned subsidiary of New York Life Investment Management Holdings LLC, a subsidiary of New York Life Insurance Company, one of America's oldest and most respected financial institutions.
For New York Life
For New York Life