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Acquisition Expands New York Life's Taft-Hartley Business

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NU Online News Service, June 6, 1:55 p.m. – New York Life Investment Management Holdings L.L.C., Parsippany, N.J., a subsidiary of New York Life Insurance Company, has agreed to acquire the assets of McMorgan & Company, San Francisco.

The value of the deal was not disclosed.

McMorgan was founded in 1969 and now manages $27 billion in assets. It is the biggest independent investment manager for multiemployer Taft-Hartley pension and benefit plans, New York Life says.

New York Life is acquiring McMorgan to expand its small Taft-Hartley business, New York Life says.

New York Life says it will keep the current McMorgan staff and offices, and fold the McMorgan assets into a new subsidiary, McMorgan & Company L.L.C.