Tension between affiliate GoldPoint Partners and its owner, New York Life Invesment Management LLC, was the impetus behind the resignation of six members of GoldPoint's seven-person executive team. The GoldPoint team took issue over the new direction of NYLIM's alternatives business, people with knowledge of the situation said.
The new direction NYLIM took includes increased collaboration on deals between its three alternatives boutiques and for executives at each of the boutique businesses to increase their skill sets across strategies, they said.
The departing GoldPoint executives are Thomas Haubenstricker, CEO; CIO Quint Barker; Vijay Palkar, head of the investment team; and managing principals Scott Iorio, Michael Kho and Binayak Mishra, the anonymous sources said.
Members of the departing team could not be reached for comment.
Eighteen months ago, NYLIM combined its three alternative investment boutique businesses — GoldPoint, Chicago-based Madison Capital Funding LLC, and PA Capital LLC, Richmond, Va. — under the new umbrella name New York Life Investments Alternatives, these people said.
NYLIM's alternatives business has $35 billion in assets under management. Of that total, GoldPoint accounts for about $15.5 billion. Madison Capital is a private credit manager while PA Capital invests in private equity, real assets and long/short equity. Madison Capital and PA Capital executives will take on additional responsibilities at GoldPoint.
"We have tremendous confidence in the leaders and staff across our alternative investments business who will continue to deliver outstanding service to our sponsors and clients and manage the funds consistent with their investment objectives during this transition period," a NYLIM spokesman said in an email.
NYLIM managed $650 billion as of March 31, according to its website.
Among other actions by multiaffiliate managers, BNY Mellon Investment Management, New York, completed the integration of Mellon Investments Corp.'s actively managed strategies and management teams to other affiliates on Sept. 1, said Hanneke Smits, CEO of BNY Mellon Investment Management.
Mellon Investments' fixed-income strategies moved to Insight Investment Management Ltd., London; equities and multiasset strategies moved to Newton Investment Management Ltd., London; and cash management strategies now reside within Dreyfus Cash Investment Strategies, part of BNY Mellon Adviser Inc., New York.
Mellon Investments retained investment of institutional indexed equity and fixed-income strategies.