The Bank of New York Inc. has agreed to sell pension services from New York Life Investment Management L.L.C. to large and midsize commercial customers.[@@]
The Bank of New York, New York, will be bundling its own trust and custody services with the DB Complete package of defined benefit services from NYLIM, Parsippany, N.J.
NYLIM, a unit of New York Life Insurance Company, New York, says the Bank of New York alliance is “one of several distribution strategies” its retirement plan services division is pursuing.