NYLIM Buys QED in Third 2001 Acquisition

October 4, 2001 (PLANSPONSOR.com) - As part of its ongoing strategy to round out its product offerings, New York Life Investment Management (NYLIM), a subsidiary of New York Life Insurance Company, has acquired the investment management business of QED Investments.

With approximately $650 million in assets under management, QED brings to NYLIM a expertise in quantitative asset management and an established wrap account business.

Dr Bernard Tew, president of QED, will retain investment management oversight of QED’s portfolios and the group will maintain its offices in Kentucky. Its employees will fall under New York Life Investment Management upon the completion of the transaction.

This marks the third acquisition for NYLIM in the past year. In December 2000, NYLIM acquired the assets of Towneley Capital Management relating to the management of mutual funds and separate accounts, and in September 2001, NYLIM acquired McMorgan & Co of San Francisco.