MainStay Investments, a New York Life company, has finalised the adoption of the MainStay Marketfield Fund.
"We are very pleased Marketfield has joined our team of diversified and independent investment managers," says Stephen Fisher, president of the MainStay Funds. "We believe that MainStay Marketfield Fund will be a key driver for the continued growth of MainStay into the future. In today’s challenging environment, we feel that the fund’s go-anywhere strategy provides an excellent option for our investors who are increasingly seeking sound alternative strategies."
The fund, formerly known as Marketfield Fund, was originally launched in 2007 and managed by New York-based Marketfield Asset Management. Led by president and portfolio manager Michael Aronstein (pictured) and chairman and chief executive Michael Shaoul, Marketfield manages the fund with a fundamental, top-down macro-economic approach.
"We are delighted with this partnership and excited about the opportunities it presents to our firm and our investors," says Aronstein. "MainStay, one of the top fund families in the industry, will provide quality infrastructure and further extend the distribution of our investment capabilities to a broader investment audience while allowing us to continue to focus on our core investment management."
Prior to joining Marketfield, Aronstein served in senior roles providing independent macroeconomic and strategic advice to professional investors as well as founding a discretionary commodity management firm. In addition to his role at Marketfield, Shaoul serves as chief executive officer of Oscar Gruss and Son Incorporated. Previously, Shaoul managed a Manhattan-based real estate investment and management company.
Having been approved by the fund’s shareholders, the fund effectively became a part of the MainStay family of funds on 5 October 2012. MainStay Investments now serves as the fund’s investment manager with Marketfield as sub-adviser, continuing to be responsible for the day-to-day portfolio management of the fund.