Market Overview

Gerald B. Smith Joins New York Life Board of Directors


New York Life Insurance Company announced today that its Board of Directors has elected veteran money management executive Gerald B. Smith to the company's Board, effective November 1, 2012. Mr. Smith is chairman and CEO of Smith, Graham & Company Investment Advisors, a global investment management firm which he co-founded in 1990. Mr. Smith's firm manages more than $5 billion in fixed income and equity portfolio strategies and is one of the oldest and largest minority-owned money management firms in the United States.

Ted Mathas, chairman and CEO of New York Life said, “The entire Board is looking forward to having the benefit of Gerald's extensive investment management expertise, as well as his leadership and business-building skills, in our deliberations as Directors.”

Prior to forming his own firm, Mr. Smith served as senior vice president and director of fixed income securities for Underwood Neuhaus & Co., a regional brokerage firm in Houston. Previously at Westcap Corporation he was responsible for national sales and trading with institutional investors. Initially, Mr. Smith worked with Dillon Read and Co., in the fixed income sector, trading and advising in portfolio management.

In 2011, Mr. Smith was appointed to the Board of The Federal Reserve Bank of Dallas – Houston Branch to provide input on regional economic conditions as part of the Federal Reserve's monetary policy functions. He is a Trustee of the Charles Schwab Family of Funds and also serves on the boards of ONEOK, Inc., ONEOK Partners GP, LLC and Cooper Industries PLC. Additionally he serves as chair of the Texas Southern University Foundation, board and executive committee member of the National Association of Securities Professionals (NASP) board of directors, as well as board member of the Greater Houston Partnership where he serves as chairman of the Transportation Policy Committee.

Mr. Smith has collected numerous accolades over the course of his impressive career. The National Association of Securities Professionals bestowed on Mr. Smith the Maynard Holbrook Jackson, Jr. Award for the financial service professional who best exemplifies entrepreneurial achievement, community service and high moral standards. He has been inducted into the National Black College Alumni Hall of Fame for achievements in the field of business.

Mr. Smith holds a BBA degree from Texas Southern University. He and his wife, Anita, reside in Houston, Texas.

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody's Investors Service (Aaa), Standard & Poor's (AA+).** Headquartered in New York City, New York Life's family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life's Web site at for more information.

*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, May 21, 2012. See for methodology.

**Source: Third Party Ratings Reports as of 6/22/12.

***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.

New York Life
William Werfelman, 212-576-5385
Sloane & Company
John Hartz, 857-598-4779

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