MacKay Shields to acquire assets of Mariner Municipal Managers

By Jennifer Chiou

New York, June 16 - MacKay Shields LLC announced that it has signed a definitive agreement to acquire the assets of Mariner Municipal Managers LLC.

Upon the deal's closing, all employees of Mariner will join MacKay, forming a new municipal bond asset management division that will be led by Mariner principals John Loffredo and Robert DiMella, according to a news release, which added that both will report directly to Osbert Hood, chairman and chief executive officer of MacKay Shields.

"As we work our way toward a period of economic recovery, the opportunities for muni bonds as an asset class will only become greater," John Loffredo, chairman at Mariner, said in the release.

For over 15 years, DiMella and Loffredo have worked together in managing municipal bond portfolios. They founded Mariner in 2007 upon leaving BlackRock, where they were co-heads of BlackRock's municipal portfolio management group.

Mariner is a Princeton, N.J.-based alternative investment management firm with 163 employees located in Harrison, New York, Boston, London and Tokyo. New York's MacKay Shields is an affiliate of New York Life Investment Management LLC.

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