Steve Fisher just named the next retail distribution chief for New York Life Investment Management's mutual fund and ETF arm.

Brian Jacobs MainStay Investments U.S. Retail Distribution Head

Today Fisher, president of NYLIM and of its MainStay Investments [profile] unit, confirms the appointment of Brian Jacobs as head of U.S. retail distribution. Jacobs will report to Fisher and will oversee MainStay wholesalers and product specialists, including those of NYLIM's latest boutique acquisition, alternative ETF specialist IndexIQ.

Jacobs most recently served as president of ETF and leveraged index fund specialist Direxion Investments [profile] (which, like New York Life, is based in New York City). A spokesman for Direxion confirms that the fund firm "has no plans to fill Brian's position at this time."

"Brian Jacobs has stepped down as President of Direxion Investments to pursue other opportunities," Direxion CEO Dan O'Neill tells MFWire in an e-mailed statement. "We have enjoyed working with Brian, and we wish him well in his new endeavor."

Fisher lauds Jacobs for the latter's "impressive track record for building successful businesses and sales teams within the mutual fund, ETF and alternative asset management spaces" and describes Jacobs as "the optimal choice" for the job.

For his part, Jacobs says he "couldn't be more excited" about the new job. Jacobs previously did some consulting work for MainStay, and he already knew Fisher as well as IndexIQ chief Adam Patti.

"These are the types of people I'd love to work with," Jacobs tells MFWire.

In New York Life, Jacobs says, MainStay has "very stable financial strength coupled with a dynamic investment management firm led by some very strong people."

"It's a great platform and a great chassis to build on," Jacobs says.

Jacobs' appointment comes a few months after several big personnel moves in New York Life Investments (which includes NYLIM and MainStay). In May, New York Life Insurance Company chairman and CEO Ted Mathas named Chris Blunt president of New York Life Investments, and Blunt promoted Yie-Hsin Hung to CEO of NYLIM. And MainStay national sales manager David Hescheles left the mutual fund shop over the summer.

An alumnus of Montclair State University, Jacobs ran his own consulting firm prior to joining Direxion last year. He previously led Hatteras Funds, served as chief distribution officer of Baron Capital, and held top sales posts at Allianz, Eaton Vance, and Lexington. He starts at MainStay on Monday. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE