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.
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