MainStay Investments Launches New Retirement Share Class
NEW YORK, NY, June 17, 2013 -- MainStay Investments ("MainStay"), a Barron's top fund family and a New York Life company, announced that it is now offering many of its mutual funds as a non-revenue share class (R6 Shares). The new R6 Shares offer pricing structures that are more aligned with the retirement plan market and will be available on June 17, 2013 for the following funds (in alphabetical order):
"Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)"
- MainStay Epoch Global Equity Yield Fund
- MainStay High Yield Corporate Bond Fund
- MainStay ICAP Select Equity Fund
- MainStay Large Cap Growth Fund (reopened to investors in the DCIO channel earlier this year).
- MainStay Marketfield Fund
"The announcement of the R6 share class reflects our commitment to offering MainStay Funds to the DCIO market" said Tom Smythe, director and head of New York Life's defined contribution investment-only channel (DCIO). "By allowing qualified plan sponsors to separate investment management fees from recordkeeping and administrative fees, the R6 share class broaden the number of qualified plans that can offer MainStay Funds."
MainStay's new R6 Shares will be offered at net asset value (NAV) without front-end sales charges, contingent deferred sales charges (CDSC), or 12b-1 fees and are available for purchase today, June 17, 2013. MainStay Investments currently manages $12 billion in DCIO assets as of March 31, 2013.
"The long-term approach and multi-boutique structure that are hallmarks of MainStay Funds make them ideal for many Americans who are looking to invest for retirement," said Stephen Fisher, president of the MainStay Funds. "We are delighted to take this step forward in making MainStay Funds available to more plan participants."
About MainStay Investments
With over $79 billion in assets under management as of April 30, 2013, MainStay Investments is the mutual fund distribution arm of New York Life. MainStay provides financial advisors access to a powerful mix of autonomous, institutional investment managers, delivered by people who understand the needs of today's financial advisor. As an indirect subsidiary of New York Life Insurance Company, a Fortune 100 company founded in 1845, MainStay is owned by the largest mutual life insurance company in the United States* and one of the largest life insurers in the world.
* Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, May, 2013.
Class R6 shares are generally available only to certain retirement plans, including Section 401 (a) and 457 plans, certain 403(b)(7) plans, 401k, profit sharing , money purchase pension and defined benefit plans and non-qualified deferred compensation plans, in each case provided that the plan trades on an omnibus level. Certain direct investors and discretionary investment management accounts within MainStay Funds, are eligible, so long as such investors meet applicable minimum and eligibility requirements.
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