NEW YORK, April 18, 2007 – The Equity Investors Group (EIG) of New York Life Investment Management (NYLIM) today announced the availability of three 130/30 strategies designed for Institutional clients.   The newly launched U.S. Growth and EAFE strategies join U.S. Core on the company’s roster of 130/30 capabilities.  

A 130/30 strategy is essentially an equity strategy benchmarked to an equity index. As the name suggests, it invests 130 percent of its assets in long positions, while 30 percent is sold short. The proceeds from the short sales are used to fund the purchase of the additional 30 percent of the long positions. The net investment is 100 percent exposure to the equity benchmark. [1]

“Because of the growing challenge to meet required returns with long-only products, 130/30 strategies have emerged as a viable solution for institutional investors seeking to benefit from exposure to short equity positions in a measured, risk-controlled manner,” said Tony Elavia, senior managing director and chief investment officer, NYLIM Equity Investors Group. 

Short-extension portfolios are intended to provide both targeted exposure to a systematic risk factor—typically the market—and exposure to alpha sources. The strategy may be implemented without having to use derivatives to maintain long-only market exposure.   This is an advantage for those investors who are uncomfortable with derivatives or whose policies preclude their use.

“We believe that with our category diversity, the experience of our portfolio managers and our disciplined, quantitative approach, NYLIM is well positioned to assist Institutions in meeting their investment objectives with these new strategies,” said Elavia.   

In an effort to help educate institutional investors on 130/30 strategies, NYLIM has authored a white paper, available to qualified audiences, entitled “Raising the Alpha Target with 130/30 Strategies.”   This paper is the first in a series of publications from NYLIM that will discuss the broad array of alpha extension strategies that are available to public and corporate pension plans.

To request a copy of “Raising the Alpha Target with 130/30 Strategies,” please visit www.nylim.com/130-30 .

130/30 strategies involve risk of loss of capital. There can be no assurance that the strategy's objective will be achieved.

With over $237 billion in assets under management as of February 28, 2006, 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 atwww.nylim.com.  

Media Contacts:

John Puccio                                                                   Alyson Nikulicz
New York Life Investment Management LLC                     Makovsky + Co.
john_puccio@nylim.com                                                 anikulicz@makovsky.com  
(212) 576-8172                                                                (212) 508-9616