Extract courtesy of reporting by FinAlternatives.com

New York Life Investment Management has acquired IndexIQ, a leader in the liquid alternative exchange-traded fund industry, for an undisclosed amount.

The high-profile acquisition is NYLIM’s first foray into the ETF space.

Upon closing of the transaction, IndexIQ will be integrated into NYLIM and marketed through New York Life’s MainStay Investments platform. It will add $1.5 billion to MainStay’s $101 billion in assets under management.

“Our entry into the ETF space is a significant leap forward for New York Life Investment Management and offers remarkable opportunities all around,” said Drew Lawton, NYLIM CEO, in a statement. “Retail and institutional investors are increasingly attracted to ETFs because they offer a cost-effective, transparent way to access investment opportunities across asset classes around the globe. IndexIQ has established itself as a true innovator and market leader offering the next generation of liquid alternative ETFs, and we intend to leverage IndexIQ’s capabilities to become the dominant provider of non-traditional ETF solutions to the market…At the same time, IndexIQ provides a robust ETF platform that New York Life can use to consider new and diverse offerings in the future.”  more