New York Life Broadens Its Fund Distribution

New York Life Investments is expanding its lineup of stand-alone, stable-value offerings by adding products and increasing distribution to include third-party channels.

The unit of New York Life Insurance Co. announced Monday that it would make its two stable-value products—the Guaranteed Interest Account, which was introduced in July and has accumulated $400 million of assets, and the New York Life Insurance Company Anchor Account, which was started in 1995—available to third-party advisers and financial planners.

Previously, the products were only sold through New York Life wealth managers, who also sell its Mainstay mutual funds. The Anchor Account has $3.8 billion under management.

This story was reprinted with permission from American Banker.