MacKay Shields LLC to Acquire Assets of Mariner Municipal Managers LLC

Municipal Bond Veterans John Loffredo and Robert DiMella to Lead New
Investment Division: MacKay Shields Municipal Managers

NEW YORK, June 16 /PRNewswire/ -- MacKay Shields LLC, a wholly-owned
subsidiary of New York Life Investments(1), has signed a definitive agreement
to acquire the assets of Mariner Municipal Managers LLC (M3) of Princeton, New
Jersey. Upon the deal's closing, all employees of M3 will join MacKay,
forming a new municipal bond asset management division that will be led by M3
principals John Loffredo and Robert DiMella. Both will report directly to
Osbert Hood, chairman and CEO of MacKay Shields.

"Both John and I are looking forward to joining MacKay Shields and its
enduring legacy of meeting the needs of institutional and retail investors.
And we are very pleased because we are bringing our entire team and its
continuity of investment process in launching this new venture within MacKay,"
said Robert DiMella, president, Mariner Municipal Managers LLC.

"As we work our way toward a period of economic recovery, the opportunities
for muni-bonds as an asset class will only become greater. We could not have
joined a better firm, at a better time, to help facilitate our group's future
growth. MacKay Shields is a perfect fit for our organization. We look forward
to joining its esteemed roster of fixed-income specialists," said John
Loffredo, chairman, Mariner Municipal Managers LLC.

For over 15 years, Robert DiMella and John Loffredo have worked together in
managing municipal bond portfolios. They founded Mariner Municipal Managers
LLC in 2007 upon leaving BlackRock, where they served as co-heads of
BlackRock's Municipal Portfolio Management Group, with assets under management
in excess of $100 billion.

"We are extremely pleased to welcome John, Bob and the entire Mariner
Municipal team to MacKay. 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," said Osbert Hood, chairman and CEO of MacKay Shields.

DiMella has been a municipal portfolio manager on Wall Street since 1992.
Prior to BlackRock's merger with Merrill Lynch Investment Managers (MLIM), he
served as a senior portfolio manager and managing director of MLIM's Municipal
Products Group. He was employed by Merrill Lynch from 1993-2006.

DiMella earned his Master's degree at Rutgers University Business School and
an undergraduate degree at the University of Connecticut. He is a Chartered
Financial Analyst.

Loffredo has been a municipal portfolio manager and/or municipal analyst on
Wall Street since 1990. Prior to BlackRock's merger with MLIM, he served as
chief investment officer of MLIM's Municipal Products Group. He was employed
by Merrill Lynch from 1990-2006. Prior to Merrill Lynch, John worked for the
City of Boston Treasury Department.

Loffredo graduated with a MBA and Certificate of Public Management from Boston
University and cum laude from Utah State University where he was a Harry S.
Truman Scholar. He is a Chartered Financial Analyst.

"We believe this is a strategically important asset class and are committed to
bringing the resources required to ensure this division's successful growth
within our firm. I'm confident that under the skillful leadership of John and
Bob, MacKay Shields Municipal Managers will exceed our expectations,"
concluded Hood.

About MacKay Shields LLC

MacKay Shields LLC manages more than $33 billion in assets as of April 30,
2009. Its clients include pension funds and other institutional investors in
the US and overseas. MacKay Shields is a wholly-owned subsidiary of New York
Life Investments.

About New York Life Investments

New York Life Investments ranks among the largest asset management firms in
the United States(2). Through its multiple boutique investment structure, New
York Life Investments delivers investment performance through an array of
products designed for both institutional and retail clients. Through MainStay
Investments and NYLIFE Distributors LLC, New York Life Investments distributes
some of the most highly regarded mutual funds and wrap accounts in the
industry.

New York Life Investments is a leading provider of retirement plans for
corporations, multi-employer trusts, and individuals, and is recognized as one
of the nation's top providers of guaranteed products to both the qualified and
non-qualified markets. Together with its affiliates and over 1,400 employees,
New York Life Investments manages over $228 billion in assets as of April 30,
2009.

(1) "New York Life Investments" is defined here as New York Life Investment
Management Holdings LLC (NYLIM Holdings). "New York Life Investments" is a
service mark used by NYLIM Holdings and its subsidiary, New York Life
Investment Management LLC.
(2) Pensions & Investments, May 18, 2009

SOURCE MacKay Shields LLC

John Puccio, New York Life Investments, +1-212-576-8172,
john_puccio@nylim.com