Company Press Release

NEW YORK, Jan. 6 /PRNewswire/ -- New York Life Investments today announced that John C. Siciliano has joined the company as senior managing director and head of the firm's investment boutiques. Siciliano will be responsible for all activities related to the firm's external asset management business including the operations and activities of the company's five external asset managers: Madison Square Investors LLC, MacKay Shields LLC, McMorgan & Company LLC, New York Life Capital Partners LLC and Institutional Capital LLC.

In this newly established role, Siciliano will report directly to John Kim, president and chief executive officer of New York Life Investments.

"This is a critical position as it is responsible for oversight of the management, product development, investment performance and core distribution activities of our asset management affiliates," said John Kim, president and CEO, New York Life Investments. "From heading global institutional businesses, to serving as CEO of a publicly traded money manager, to running a merchant bank, John's broad perspective and deep expertise make him the ideal person to lead and execute our institutional, multi-boutique strategy. We are very pleased to welcome John to the firm."

Previously, Siciliano was with Grail Partners LLC, a merchant banking firm which invests and advises in asset management and related financial technology businesses, including specialty finance and structured products. In his role as managing partner, Siciliano focused on business development and day-to-day management of the firm. In addition, he was involved in leading both advisory transactions for clients and investment transactions for the firm's Chalice Fund and Chalice Direct Private Equity Fund. He served on the board of directors of two portfolio companies: Creighton Capital Management and Hillcrest Asset Management, as well as serving as chairman of Grail Advisors LLC, one of the first Active ETF investment advisors.

From 2005 through 2007, Siciliano served as chairman and chief executive officer of BKF Capital Group, Inc., a NYSE listed money manager. Prior to BKF, he was the head of the global institutional business for Dimensional Fund Advisors from 2001 through 2005. Siciliano served as a managing principal of Payden & Rygel, a fixed income investment management firm from 1998 through 2001. While there, he also served as president of its mutual fund company, Payden & Rygel Investment Group.

Siciliano began his career with Morgan Stanley in their corporate finance division in 1979. Subsequently, he had roles at Smith Barney, Prudential Securities and Dresdner Kleinwort Benson.

For over 30 years, Siciliano has been involved in non-profit activities, serving on the boards of several philanthropic and community based organizations. In May of 2008, he was honored with the Humanitarian of the Year Award by the New York City Catholic Big Sisters/Big Brothers.

Siciliano holds a BA from Pomona College and an MBA from Stanford University.

About New York Life Investments

New York Life Investments ranks among the largest asset management firms in the United States.(1) Through its multiple boutique investment structure, the firm delivers investment performance through an array of products designed for both institutional and retail clients. Through MainStay Investments, New York Life Investments offer access to some of the most highly regarded mutual funds and wrap accounts in the industry.

New York Life Investments is a leading provider of retirement plans for corporations, multi-employer trusts, and individuals, and is recognized as one of the nation's top providers of guaranteed products to both the qualified and non-qualified markets. Together with its affiliates and over 1,400 employees, New York Life Investments manages over $239 billion in assets as of September 30, 2008.