MacKay Shields Acquires Muni Bond Firm
June 18, 2009
New York Life Investments subsidiary MacKay Shields has signed a deal to acquire the assets and staff of Mariner Municipal Managers (M3), a move which will result in the creation of a new municipal bond asset management division at MacKay.
Robert DiMella and John Loffredo, M3's principals, will lead the new division at Mackay, according to a statement issued by the firm.
The duo has worked together for quite sometime, including stints at BlackRock and Merrill Lynch Investment Managers's municipal products group, before their founding of M3 in 2007.
DiMella and Loffredo will report to Osbert Hood, MacKay's chairman and CEO.
“We are extremely pleased to welcome John, Bob and the entire Mariner Municipal team to MacKay,” Hood said. “They have an outstanding reputation in the municipal bond community and a track record of building a successful municipal asset management business at a major investment firm. We see the acquisition as a significant opportunity to add capabilities to complement our existing fixed-income business.”
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