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MacKay Shields to acquire assets of Mariner Municipal Managers

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MacKay Shields, a wholly-owned subsidiary of New York Life Investments, has signed a definitive agreement to acquire the assets of Mariner Municipal Managers of Princeton, New Jersey.

MacKay Shields, a wholly-owned subsidiary of New York Life Investments, has signed a definitive agreement to acquire the assets of Mariner Municipal Managers of Princeton, New Jersey.

Upon the deal’s closing, all employees of Mariner Municipal will join MacKay, forming a new municipal bond asset management division that will be led by Mariner Municipal principals John Loffredo and Robert DiMella. Both will report directly to Osbert Hood, chairman and chief executive of MacKay Shields.

"Both John and I are looking forward to joining MacKay Shields and its enduring legacy of meeting the needs of institutional and retail investors. And we are very pleased because we are bringing our entire team and its continuity of investment process in launching this new venture within MacKay," says DiMella.

DiMella and Loffredo founded Mariner Municipal Managers in 2007 upon leaving BlackRock, where they served as co-heads of BlackRock’s Municipal Portfolio Management Group, with assets under management in excess of USD100bn.

"We are extremely pleased to welcome John, Bob and the entire Mariner Municipal team to MacKay. They have an outstanding reputation in the municipal bond community and a track record of building a successful municipal asset management business at a major investment firm. We see the acquisition as a significant opportunity to add capabilities to complement our existing fixed income business," says Osbert Hood, chairman and chief executive of MacKay Shields.

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