May 21 (Bloomberg) — New York Life Insurance Co., which built the Marketfield Fund into the largest U.S. alternative mutual fund, is seeking additional offerings that allow clients to bet on more than gains in stocks and bonds.
John Kim, chief investment officer, said policyholder-owned New York Life is seeking to acquire more funds. Among the targets are real-estate funds and managers who move money between countries, asset classes and market sectors, he said.
New York Life's collection of specialized money managers — such as ICAP and Cornerstone Capital Management — has helped assets under management more than double in five years to $521 billion as of March 31, including $179 billion of insurance- company funds. The firm agreed last month to offer energy- focused funds from Cushing Asset Management LP after adding Marketfield in 2012.
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