NYLIM to Pick Up Chicago Equity Manager

May 18, 2006 (PLANSPONSOR.com) - New York Life Investment Management (NYLIM) has agreed to acquire a Chicago value equity institutional money management company.

A NYLIM news release said that Institutional Capital Corporation (ICAP), with more than $14 billion in assets under management, manages US and international equity portfolios.

ICAP also manages three mutual funds: the ICAP Equity Fund, the ICAP Select Equity Fund and the ICAP International Fund. 

According to the announcement, ICAP will operate as a stand-alone business within NYLIM. ICAP’s management team, under the leadership of Robert Lyon, will continue with ICAP under long-term employment agreements.

The parties expect to close the deal on or about June 30, 2006. Subject to board and shareholder approval, ICAP’s three mutual funds are expected to join the MainStay Funds’ family.

More information is at  http://www.nylim.com .