MacKay Shields

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).

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

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

• Fixed income management
• Institutional asset management
• Municipal bond investing
• High yield credit
• Emerging market debt

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. 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

Core 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

Named customers7 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• NYL InvestorscoreStrategic or Co-development PartnerLisa 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 CapitalminorStrategic or Co-development PartnerMacKay 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 InvestorscoreStrategic or Co-development PartnerAffiliate 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

Broad 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

• YouTubeyoutube.com/channel/UCkaEbhQlyIj_AQO3Be-9QaA
• LinkedInlinkedin.com/company/mackay-shields
• Xx.com/mackayshields

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MacKay Shields