Yie-Hsin Hung has become CEO of New York Life Investment Management (NYLIM), the asset management subsidiary of New York Life.
Hung reports to Christopher Blunt, who has just been made president of New York Life's investments group (IAR, 21 May, New York Life CIO becomes president).
Hung was previously co-president of NYLIM and succeeds Drew Lawton, who has decided to retire at the end of this year. The other co-president of NYLIM, Stephen Fisher, becomes president, and continues as president of the MainStay Funds, reporting to Hung.
Hung joined New York Life in 2010 to run the institutional investments business and was promoted to co-president of NYLIM in 2014. Her 30-year investment career includes Bridgewater Associates and Morgan Stanley.
New York Life's investments group, which includes all New York Life's asset management businesses, has more than $500bn in assets under management. NYLIM, a multi-boutique firm, has tripled third-party assets in the last five years to $289bn in assets under management at year-end 2014.