New York Life to Expand DCIO Team

New York Life Investments plans to hire three new vice presidents and one internal sales representative for its defined contribution investment-only (DCIO) team in the next month or two.

The current team, run by Jeff Keller, managing director of the firm’s DCIO group, consists of three professionals who are based out of Parsippany, New Jersey. The team, which currently has $2.3 billion in assets under management, will remain responsible for the distribution of the MainStay Funds as well as a brand new initiative distributing New York Life’s stable value products into the defined contribution marketplace, New York Life said.

“Our current DCIO team of three professionals has been very successful to date and has done a tremendous job of getting us to this point. By adding a regional sales staff we will better equipped to capitalize on the demand for quality funds from trusted managers,” said Keller.