New York, June 19, 2007 – New York Life Investment Management (NYLIM) today announced that Osbert Hood will be elevated to chief executive officer of MacKay Shields LLC effective July 1, 2007. He succeeds Ravi Akhoury who will remain with MacKay as chairman and a member of the Executive Management Committee of New York Life Insurance Company. 

“For the past 15 years, Ravi Akhoury has done an outstanding job as CEO of MacKay Shields. We are indebted to him for his contributions to MacKay, NYLIM and New York Life Insurance Company and for his commitment to making this a very smooth transition," said Gary Wendlandt, chairman of NYLIM.

As president and CEO, Osbert Hood will report directly to Brian A. Murdock, president and chief executive officer of NYLIM and be added to NYLIM’s Executive and Investment Committees, respectively.  Hood joined MacKay Shields in January 2007 in the newly formed role of president.

“In working with Osbert, I have been profoundly impressed with his strategic insight, intuitive analysis and expert perspective.  MacKay Shields is a flagship boutique investment firm within NYLIM’s multi-boutique model and Osbert Hood is exactly the right person to navigate MacKay into the next decade,” said Murdock.

Prior to joining NYLIM, Hood was with Pioneer Investment Management USA Inc, most recently as its chief executive officer.   Prior to Pioneer, he worked at John Hancock for 10 years in various capacities.  With almost 30 years in financial services, Hood brings a broad array of experience from asset management to insurance. 

“With a quest for superior performance and a ‘client-first’ tradition so engrained in the corporate culture, MacKay is well poised to continue its success.  It’s an honor to be entrusted with the leadership of such a group of dedicated individuals – true professionals who have built MacKay into one of the finest investment firms in the asset management industry. I look forward to contributing to MacKay’s legacy and working with my colleagues at NYLIM to ensure MacKay’s continued growth and marketplace responsiveness,” said Hood.

Hood received his B.S., cum laude, from Adelphi University and his M.B.A. from New York University. Hood also successfully completed The Wharton's Business School Advanced Management Program.

MacKay Shields LLC manages more than $40 billion in assets as of April 30, 2007. Its clients include pension funds and other institutional investors in the US and overseas. MacKay Shields is an affiliate of New York Life Investment Management LLC.

With over $243 billion in assets under management as of April 30, 2007, New York Life Investment Management (NYLIM) and its affiliates provide investment management and related services to a wide range of individual, corporate, public, and Taft-Hartley clients.  NYLIM offers institutional asset management, retail investments, retirement plan services, guaranteed products, real estate investments, and alternative investments.  For more information, visit NYLIM’s website at www.nylim.com.  

Media Contact:
John Puccio                                                                 
New York Life Investment Management LLC                    
john_puccio@nylim.com                                                  
(212) 576-8172