New York Life Investment Management launched the Eclipse Funds, 18 no-load mutual funds designed for distribution through financial planners and wrap programs. The funds also are available to 401(k) plan investors as investment options or through New York Lifes bundled plan service.
The Eclipse Funds include four funds managed by Towneley Capital Management, acquired by New York Life last year. The 11 funds in the MainStay Institutional family have been renamed Eclipse funds, and three new funds have been added: The Eclipse Mid Cap Core fund, the Eclipse Core Bond Plus Fund and the Eclipse Tax Free Bond Fund. The minimum on the former MainStay mutual funds was dropped to $1,000 from $250,000, said Brian Lee, president and CEO of NYLIM Retail Markets.
The firms other family of 23 mutual funds, the MainStay Funds, continues to be distributed through broker/dealers and New York Life representatives. They also are available to 401(k) plan investors. Two new funds, a midcap growth and a growth-value concentrated fund, were also just added to the MainStay Fund lineup.