MacKay-Shields Financial Corp. has reorganized its international unit to separate equity and fixed-income functions into separate portfolio manager groups.
Michael Perelstein, who was managing director of the international unit, has left the firm as part of the restructuring. His duties have been assumed by several members of the staff; he likely will be replaced at a later date, said a spokesman. Fixed-income portfolio managers now will report to Chairman Ravi Akhoury, head of fixed income, and equity managers will report to President Dennis LaPlaige, head of equity. International portfolio managers handle $700 million in mutual fund and separate account assets.
MacKay-Shields, which manages $23 billion in domestic and international investments, has been trying to become known as a global multiproduct manager and has been focusing on increasing international assets for some time, said the spokesman.