New York Life Acquires 32% Stake In Asset Manager

Law360, New York (September 27, 2012, 6:39 PM EDT) -- New York Life Insurance Co. has acquired a minority stake in Minnesota asset manager Cornerstone Capital Management Inc. and will assume a controlling stake over the next several years, New York Life said Thursday.

The insurance giant said a subsidiary acquired the minority stake in Cornerstone, a large-cap growth manager with more than $2.2 billion in assets under management. The agreement calls for New York Life to gradually increase its ownership in Cornerstone to a majority stake over the next seven years.

A New York Life...
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