MacKay Shields
MacKay Shields is a specialty fixed income investment manager founded in 1938, managing approximately $270 billion in municipal bonds, high yield, investment-grade credit, convertibles, securitized products, and emerging market debt for institutional and high-net-worth clients globally.
- Company typePrivate
- Founded1938
- HeadquartersNew York, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What MacKay Shields does
MacKay Shields is a specialty fixed income investment management firm founded in 1938 and headquartered in New York, with additional offices in Princeton and Los Angeles. The firm operates as an affiliate of New York Life Investment Management LLC under the New York Life Insurance Company umbrella. Together with NYL Investors, MacKay Shields manages approximately $270 billion in public fixed income assets, organized across dedicated teams covering municipals, high yield, investment-grade credit, multi-sector fixed income, convertibles, securitized products, and emerging market debt. The firm also distributes actively managed ETF products (e.g., NYLI MacKay Shields Municipal Intermediate ETF, ticker MMIT) and defined-muni closed-end funds (e.g., NYLI MacKay DefinedTerm Muni Opportunities Fund).
The firm's core technology and research processes are not publicly disclosed; investment operations rely on specialized, research-intensive processes executed by focused teams in each fixed income vertical. MacKay Shields generates revenue through subscription/recurring investment management fees charged as a percentage of assets under management, with customized fee arrangements for institutional clients. No public pricing is disclosed.
The go-to-market motion is enterprise field sales targeting pension funds, government entities, financial institutions, family offices, high-net-worth individuals, endowments, and foundations globally. The firm emphasizes direct client access to senior investment professionals as a primary differentiator and supports distribution through the New York Life Investment Management cross-boutique platform, a dedicated Family Office Sales channel, separately managed accounts, and ETF marketplaces. The senior leadership team includes CEO Alison Micucci (appointed 2025), Co-Head of Global Fixed Income Neil Moriarty, Co-Head of MacKay Municipal Managers Bob DiMella, Head of Emerging Market Debt Valentina Chen, Senior Macroeconomist Steven Friedman, Head of Family Office Sales Bruno Machado, and Head of Public Fixed Income Lisa Hornby (appointed 2025/2026, joined from Schroders).
MacKay Shields firmographics
Firmographics- Name
- MacKay Shields
- Legal name
- MacKay Shields
- Website
- https://mackayshields.com
- Company type
- Private
- Founded year
- 1938
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- MacKay Shields is a specialty fixed income investment manager founded in 1938, managing approximately $270 billion in municipal bonds, high yield, investment-grade credit, convertibles, securitized products, and emerging market debt for institutional and high-net-worth clients globally.
- Ownership category
- akta.pro rank
MacKay Shields industry classification
Industry- Product category
- Fixed Income Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Financial Investment Activities (5239)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Multi-Sector / Total Return Fixed Income (FSAAAHAJ)
- akta.pro secondary industries
- Fixed Income Mutual Funds (FSAAAEAB), Fixed Income ETFs (Government, Corporate, Munis, TIPS) (FSAAAFAD)
Keywords
Where MacKay Shields is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
MacKay Shields business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Investment Management Fees: MacKay Shields generates revenue through investment management fees charged on assets under management (AUM). As a specialty fixed income manager, fees are typically calculated as a percentage of AUM and may vary by strategy (municipals, high yield, multi-sector fixed income, etc.). The firm manages approximately $270 billion in public fixed income assets across teams at MacKay Shields and NYL Investors.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels9 records
MacKay Shields product offering
Product offeringCore offering
MacKay Shields is a specialty fixed income investment management firm that develops and manages actively managed fixed income strategies across municipal bonds, high yield, investment-grade credit, multi-sector fixed income, convertibles, securitized products, and emerging market debt for institutional and individual investors. The firm also offers exchange-traded funds such as the NYLI MacKay Shields Municipal Intermediate ETF (MMIT) and separately managed accounts for family offices and high-net-worth clients.
Product overview
MacKay Shields is a specialty fixed income investment management firm and part of New York Life Investment Management, offering a comprehensive suite of fixed income investment strategies. The firm's product ecosystem includes multiple distinct strategies organized under investment teams: MacKay Municipal Managers handles the Municipals strategy and ETF products (including the NYLI MacKay Shields Municipal Intermediate ETF MMIT); the High Yield team manages High Yield and Global High Yield strategies; the Global Fixed Income (GFI) team oversees Multi-Sector Fixed Income, Investment Grade Credit, High Yield Active Core, and Securitized Products; the Convertibles team handles convertible securities; and the Emerging Market Debt team manages EM debt strategies. The firm also offers Responsible Investing policies integrated across strategies. All strategies are supported by research-intensive processes with direct access to senior investment professionals.
Differentiator
Problem solved
Functional benefit
Products and services
- Municipals Investment strategy focused on investment-grade, AMT-free US municipal bonds with durations between 3-10 years, managed by MacKay Municipal Managers for institutional investors and via the related MMIT ETF.
- High Yield High yield fixed income investment strategy targeting junk-rated corporate bonds for income and total return, offered to institutional clients.
- Multi-Sector Fixed Income (Global Fixed Income) Multi-sector fixed income strategy offering diversified exposure across investment-grade credit, high yield, securitized products, and emerging market debt for institutional investors.
- Investment Grade Credit Investment-grade corporate bond strategy focusing on BBB-rated and above securities for institutional investors, offered as part of the Global Fixed Income suite.
- High Yield Active Core Actively managed high yield strategy targeting core high yield positions with disciplined credit selection, offered under the Global Fixed Income platform.
- Global High Yield Global high yield bond strategy providing exposure to non-US high yield markets alongside domestic opportunities, offered under the Global Fixed Income platform.
- Convertibles Convertible securities strategy investing in convertible bonds and preferred stocks that offer hybrid fixed income and equity characteristics for institutional investors.
- Securitized Products Securitized products strategy including mortgage-backed securities, asset-backed securities, and commercial real estate debt for institutional clients.
- Emerging Market Debt Emerging market debt strategy offering exposure to sovereign and corporate debt from developing market economies for institutional investors.
- NYLI MacKay Shields Municipal Intermediate ETF (MMIT) Actively managed exchange-traded fund that primarily invests in investment-grade, AMT-free US municipal bonds with durations between 3-10 years, distributed through ETF marketplaces to institutional and retail investors.
- NYLI MacKay DefinedTerm Muni Opportunities Fund Municipal opportunities fund distributed through New York Life Investment Management that announced monthly dividend distributions for April, May, and June 2026.
- Separately Managed Accounts Customized separately managed accounts for high-net-worth individuals and family offices, providing personalized fixed income portfolio management.
Quantifiable outcome
- 10-year AAA muni benchmark offered about 62% of comparable Treasury yields as of January 8, while longer-dated munis offered better relative value at 85% (30-year) and 81% (20-year) of Treasury yields.
- +2 more outcomes
Companies that use MacKay Shields
Customer profileNamed customers7 records
Segments5 records
Ideal customer profiles3 records
MacKay Shields technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
MacKay Shields partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- NYL InvestorscoreLisa Hornby will oversee teams across both MacKay Shields and NYL Investors, with approximately $270 billion in combined AUM. The two entities share investment strategies and distribution platforms under New York Life Investment Management, with integrated fixed income capabilities spanning investment-grade credit, high yield, municipals, securitized products, and emerging markets.
- Apogem CapitalminorMacKay Shields partnered with colleagues from New York Life Investors, New York Life Investment Management, and Apogem Capital to support Bottomless Closet as part of the 2025 service volunteer initiative, demonstrating cross-affiliate collaboration on corporate responsibility activities.
- New York Life InvestorscoreAffiliate partnership for joint community service initiatives including volunteer programs supporting Bottomless Closet, demonstrating collaboration across the New York Life Investment Management family.
Scale indicators3 records
Recent moves6 records
Expansion highlights5 records
MacKay Shields competitors and assessment
Company assessmentBroad incumbents
- Nuveen Fixed Income:
- PGIM Fixed Income: PGIM Fixed Income is the large-scale fixed income arm of Prudential Financial, offering multi-sector, high yield, emerging market debt, and securitized products globally. Larger incumbent competitor with overlapping strategies and institutional focus.
- PIMCO: PIMCO is the largest global active fixed income manager with multi-sector, municipal, high yield, and emerging market debt franchises. Largest scaled competitor across most of MacKay's product set.
- Invesco Fixed Income: Invesco Fixed Income is the large-scale fixed income franchise of Invesco, offering multi-sector, municipal, high yield, and emerging market debt strategies globally. Larger broad incumbent with overlapping product breadth.
Direct peers
- Western Asset Management: Western Asset is one of the largest specialty fixed income active managers, offering similar multi-sector, high yield, investment-grade credit, and emerging market debt strategies to institutional clients. Direct comparable in active fixed income franchise, scale, and distribution model.
- Loomis Sayles: Loomis Sayles is a specialty fixed income and active multi-sector bond manager serving institutional and intermediary clients. Comparable product mix (high yield, investment grade, multi-sector, securitized) and similar institutional go-to-market motion.
- Brandywine Global Investment Management: Brandywine Global is a specialist fixed income manager offering multi-sector, global credit, and emerging market debt strategies. Comparable specialty FI focus and institutional client base.
- TCW Group: TCW is a specialist active fixed income and credit manager with multi-sector, securitized, and emerging market debt strategies for institutional clients. Closely comparable in franchise scope and institutional orientation.
- DoubleLine Capital: DoubleLine is an independent specialty fixed income manager focused on multi-sector and securitized credit strategies for institutional and retail channels. Comparable specialty focus and active fixed income orientation.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
MacKay Shields social profiles
Digital presenceMacKay Shields financial estimates
Financial estimateRevenue estimate
Valuation estimate
MacKay Shields leadership team
Management profileNumber of profiles
Profiles12 records
MacKay Shields subsidiaries and ownership
Company hierarchySubsidiaries1 record
MacKay Shields funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MacKay Shields M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MacKay Shields
What does MacKay Shields do?
MacKay Shields is a specialty fixed income investment management firm that develops and manages actively managed fixed income strategies across municipal bonds, high yield, investment-grade credit, multi-sector fixed income, convertibles, securitized products, and emerging market debt for institutional and individual investors. The firm also offers exchange-traded funds such as the NYLI MacKay Shields Municipal Intermediate ETF (MMIT) and separately managed accounts for family offices and high-net-worth clients.
Is MacKay Shields a public or private company?
MacKay Shields is a private company. It is classified as corporate owned and is currently operating.
When was MacKay Shields founded?
MacKay Shields was founded in 1938. It employs 101 to 250 people.
Where is MacKay Shields based?
MacKay Shields is headquartered in New York, United States, in the North America region.
How does MacKay Shields make money?
One revenue line is on record: investment Management Fees.
Who are MacKay Shields's main competitors?
Broad incumbents on record are Nuveen Fixed Income, PGIM Fixed Income, PIMCO and Invesco Fixed Income. Direct peers are Western Asset Management, Loomis Sayles, Brandywine Global Investment Management, TCW Group and DoubleLine Capital.
Does MacKay Shields have an API?
No public API is recorded for MacKay Shields.
What industry is MacKay Shields in?
MacKay Shields's product category is Fixed Income Asset Management. Its primary akta.pro industry code is FSAAAHAJ, Multi-Sector / Total Return Fixed Income, with a secondary code of FSAAAEAB, Fixed Income Mutual Funds. Its NAICS code is 523940 and its SIC code is 6282.