New York Life Investment Management LLC to Manage $875 Million in Assets for the Pension Boards - United Church of Christ (PBUCC).PARSIPPANY, N.J. -- New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Life Investment Management LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (NYLIM NYLIM New York Life Investment Management LLC ) has been selected by the Pension Boards - United Church of Christ United Church of Christ, American Protestant denomination formed in 1957 by a merger of the General Council of Congregational Christian Churches (see Congregationalism) and the Evangelical and Reformed Church. (PBUCC) to manage $875 million in a large-cap enhanced separate account. A portfolio management team led by Harvey Fram and Migene Kim of NYLIM Equity Investors will oversee the account. The team currently manages a total of $3.7 billion in large cap enhanced assets as of April 30, 2006. The management strategy for the account targets a return in excess of the S&P 500, while managing variation from the index. "We are pleased that the PBUCC has chosen NYLIM and our large-cap enhanced strategy. Having outperformed the S&P 500 for the past five consecutive years, our large-cap enhanced strategy is growing in popularity with institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . We look forward to working with the PBUCC," said Tony Elavia, chief investment officer, NYLIM Equity Investors Group. "We see this placement as an investment decision that is consistent with the best interests of the Pension Boards' plan participants Plan participants Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. and beneficiaries. NYLIM's risk adjusted performance in the large-cap area is well suited to help us achieve our portfolio objectives," said Catherine Waterworth, chief investment officer for the Pension Boards - United Church of Christ. Summit Strategies, an investment consultant located in St. Louis, Missouri conducted the search. The Pension Boards-UCC, an affiliated ministry of the United Church of Christ, provides access to benefit plans for clergy and lay workers of the Church. With more than $207 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. as of April 30, 2006, New York Life Investment Management LLC and its affiliates provide a wide range of investment services to institutional, individual, corporate, public, and Taft-Hartley clients, including institutional asset management, retail investments, retirement services, guaranteed products, real estate investments, and alternative investments. For more information, visit the New York Life Investment Management LLC site at www.nylim.com |
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