New York, January 16, 2007 – MacKay Shields LLC, an affiliate of New York Life Investment Management (NYLIM), today announced the appointment of Osbert Hood to the newly created position of president. Reporting to Ravi Akhoury, MacKay Shields’ chairman and chief executive officer, Hood will contribute to the day-to-day management of MacKay Shields as well as the implementation of several strategic initiatives for the firm.

"With the growth at MacKay Shields, Osbert is the ideal person to assist me in the on-going management of the firm and he will play an integral role in helping us achieve our organizational goals. We are excited about his future contributions to MacKay and welcome him to our family," said Akhoury.

Hood joins MacKay Shields from Pioneer Investment Management USA Inc., with assets under management greater than $70 billion, where he served as chief executive officer since 2003. A key member of the senior management committee at Pioneer, Hood served as chief operating officer prior to becoming CEO. He joined Pioneer in November 2000, after The Pioneer Group, Inc. was purchased by UniCredito Italiano, S.p.A. Prior to joining Pioneer, Hood worked at John Hancock Advisors for 10 years in various capacities at the investment management organization.

"Osbert is a welcome addition to MacKay Shields and the NYLIM family of companies. His track record and business acumen within the investment management industry make him impeccably suited to take this leadership role within NYLIM’s multi-boutique business model. We are pleased to have him join us," said Brian A. Murdock, president and chief executive officer, New York Life Investment Management.

Hood had this to say, "I am very excited about the opportunity to join Ravi Akhoury at MacKay Shields and continue to strategically grow this high quality and highly regarded company in the investment industry."

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 December 31, 2006. 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 $234 billion in assets under management as of December 31, 2006, New York Life Investment Management LLC (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.