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Products June 17, 2009
MaKay Shields Agrees to Acquire Princeton Municipal Bond Unit
June 17, 2009 (PLANSPONSOR.com) - MacKay Shields
LLC, a wholly-owned subsidiary of New York Life Investments,
has signed a definitive agreement to acquire the assets of
Mariner Municipal Managers LLC of Princeton, New
Jersey.
Reported by Fred Schneyer
According to a news release, upon the deal’s closing, all employees of the Princeton firm will join MacKay, forming a new municipal bond asset management division that will be led by principals John Loffredo and Robert DiMella. Both will report directly to Osbert Hood, chairman and CEO of MacKay Shields.
The announcement said DiMella and Loffredo founded Mariner Municipal Managers LLC in 2007 after leaving BlackRock, where they served as co-heads of BlackRock’s Municipal Portfolio Management Group, with assets under management in excess of $100 billion.
DiMella earned his Master’s degree at Rutgers University Business School and an undergraduate degree at the University of Connecticut.
Loffredo graduated with a MBA and Certificate of Public Management from Boston University and from Utah State University.