Yie-Hsin Hung, 52, has been named chief executive officer of New York Life’s asset management subsidiary, New York Life Investment Management (NYLIM), effective immediately.
Hung reports to Chris Blunt, president of the Investments Group, which includes all of New York Life’s asset management businesses, totalling more than USD500 billion in assets under management.
NYLIM is a leading multi-boutique investment management firm providing a wide array of fixed income, equity and alternative investment capabilities and solutions to a broad range of institutional and individual investors around the world. Its strategy has been very successful, with third party assets tripling in the last five years to USD289 billion in assets under management at year-end 2014.
Hung was previously co-president of NYLIM. As CEO, she replaces Drew Lawton, 56, who has decided to retire at the end of this year. He is now a special advisor to Blunt. Stephen Fisher, formerly co-president of NYLIM, is now president of NYLIM and reports to Hung. Fisher continues as president of the MainStay Funds.
Blunt says: “Since joining us in 2010, Yie-Hsin Hung has done a tremendous job in growing our institutional asset management business, including with our fixed income and alternatives-focused investment boutiques. She has also provided outstanding leadership in our international activities, most notably Candriam, our Europe-based asset management company that became part of New York Life in early 2014. As head of NYLIM, Yie-Hsin will be able to bring her nearly 30 years of industry experience to the full breadth of the firm’s investment management businesses. In her expanded role, we look forward to Yie-Hsin making many more contributions in the years ahead.
“We also thank Drew Lawton for his many contributions since joining us in 2010. Drew’s more than 30 years of experience in the industry with firms such as Fidelity and Aetna brought an important dimension to the development of our investment management strategy at New York Life. We wish him well in retirement.”
Yie-Hsin Hung joined New York Life in 2010 to run the institutional investments business and was promoted to co-president of NYLIM in 2014. Hung came to the company with years of investments industry experience, most recently at Bridgewater Associates and as managing director and global head of strategic acquisitions and alliances at Morgan Stanley Investment Management. At Morgan Stanley, she also served as chief administrative officer and head of the firm’s private equity and absolute return businesses. Prior to that, Hung was a managing director in Morgan Stanley’s investment banking division, with a primary focus on real estate.
Hung received a Bachelor of Science degree from Northwestern University and holds an MBA degree from Harvard Business School.