New York Life Investment Management said it acquired six municipal-bond funds from Aquila Investment Management LLC, a four-decade-old firm that carved out a focus on vehicles for investing in debt from specific states.
The funds, which had about $1.2 billion of assets, had delivered a lackluster run in recent years as US markets were battered by the Federal Reserve’s interest-rate increases.
MacKay Municipal Managers, part of New York Life Investments, will oversee the funds.
Bloomberg Markets
By Amanda Albright and Sri Taylor
July 22, 2024