Consummation of the acquisition is subject to approval by Eclipse Funds’ shareholders. Towneley has some $600 million in assets under management, including its Eclipse mutual fund family.
The Eclipse Funds family includes:
- Eclipse Ultra Short Term Income Fund
- Eclipse Small Cap Value Fund
- Eclipse Mid Cap Value Fund
- Eclipse Balanced Fund
Wesley McCain will retain investment management oversight over all of the Eclipse Funds, with the Eclipse equity funds continuing to be co-managed by Kathy O’Connor and the Eclipse income and balanced funds continuing to be co-managed by Joan Sabella.
New York Life Investment Management currently has over $117 billion in assets under management.