On December 2, 2010, New York Life Investments announced it has agreed to acquire a 60% majority interest in Richmond-based Private Advisors, LLC.
On December 2, 2010, asset manager New York Life Investments announced that it has signed an agreement to acquire a 60% stake in Private Advisors, LLC. Private Advisors, a Richmond, Virginia-based alternative investment firm, currently has $3.9 billion in assets under management. Private Advisors will operate autonomously within the New York Life Investments multi-boutique structure. NYLI, a provider of retirement plans for corporations, multi-employer trusts, and individuals, currently manages over $275 billion in assets. The parties expect the transaction to be completed on or about December 31, 2010.
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