New York, NY – October 13, 2005 -  New York Life Investment Management LLC (NYLIM) today announced that Anthony Malloy, 42, has been promoted to Senior Managing Director and head of NYLIM’s Securities Investment Group.  In this capacity, Mr. Malloy will oversee more than $100 billion in fixed income investments including high yield bonds, investment grade corporate bonds, bank loans, private placements, emerging markets, project finance, and asset-backed securities, managed by a staff of 70 experienced investment professionals.

Mr. Malloy will continue as co-manager, along with Robert Dial, of the retail and institutional leveraged loan funds which NYLIM has launched in recent years.  “I am pleased that I will be able to remain active in our leveraged loan business while expanding my responsibilities in this new role,” noted Mr. Malloy.

“In addition to his strong fundamental investment skills, Tony brings strong leadership and management capabilities to this position,” commented Gary Wendlandt, chairman and CEO. “He will fill an important role in guiding and overseeing a substantial portion of NYLIM’s fixed income investments,” he continued.

“Tony has demonstrated the creativity and business expertise necessary to expand our investment management reach, and has the ability to balance the growth of our third party business and the needs of the general account of our parent company, New York Life Insurance Company,” said Frank Ollari, executive vice president and head of NYLIM’s Fixed Income business, to whom Tony will report.

Mr. Malloy joined New York Life Investment Management in 1999, and has led the growth of NYLIM’s $3.5 billion leveraged loan business.  The group has launched a number of new products, including CLOs, mutual funds and institutional accounts.  Dedicated solely to the floating rate loan market, the Leveraged Loan Group is comprised of nine investment professionals with over 100 years combined experience.

New York Life Investment Management LLC and its affiliates, with more than $196 billion in assets under management as of August 31, 2005, provide a wide range of investment services to institutional, individual, corporate, public, and Taft-Hartley clients, including institutional asset management, retail investments, retirement services, guaranteed products, real estate investments and alternative investments. For more information, visit the New York Life Investment Management website at www.nylim.com.

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FOR MORE INFORMATION:
Bliss Gouverneur & Associates
Meghan Lantier
Meghan@blisspr.com
(212) 840-1661

New York Life Investment Management LLC
Nancy Paris
(973) 394-4410