MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay CBRE Global Infrastructure Megatrends Fund Announce Departure of Yie-Hsin Hung from the Board of Trustees

Rhea-AI Summary

New York Life Investments has announced the departure of Yie-Hsin Hung from the Board of Trustees of the MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE: MMD) and the MainStay CBRE Global Infrastructure Megatrends Fund (NYSE: MEGI). Effective October 14, 2022, Hung's resignation follows her prior announcement of stepping down as CEO of New York Life Investment Management. The Boards of both funds will now consist of six members each. For details on risks and expenses, visit the respective fund websites provided.

Positive

• The resignation of Hung allows for potential new strategic insights with a streamlined board of six members.

Negative

• Hung's departure may lead to uncertainties in fund management and strategy.

NEW YORK, Oct. 14, 2022 /PRNewswire/ -- New York Life Investments today announced the departure of Yie-Hsin Hung from the Board of Trustees of the MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE: MMD) and the MainStay CBRE Global Infrastructure Megatrends Fund (NYSE: MEGI) (the "Funds"). Ms. Hung, who had previously announced her resignation as Chief Executive Officer of New York Life Investment Management and had served as a Trustee to one or more of the registrants within the MainStay Group of Funds since 2017, is resigning effective today. The size of each Fund's Board of Trustees will be reduced to six, also effective today.

For additional information on each of the funds, including information about risk, charges and expenses, please visit the website here for MMD, or the website here for MEGI, or call the shareholder servicing agent at (855) 456-9683.

About New York Life Investments 

With over $650 billion in Assets Under Management* as of June 30, 2022, New York Life Investments is comprised of the affiliated global asset management businesses of its parent company, New York Life Insurance Company (New York Life), and offers clients access to specialized, independent investment teams through its family of affiliated boutiques. New York Life Investments remains committed to clients through a combination of the diverse perspectives of its boutiques and a long-lasting focus on sustainable relationships.

*AUM includes assets of Investment Advisors affiliated with New York Life Insurance Company as of June 30, 2022. AUM for Candriam and Ausbil is reported at the spot rate.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. The MainStay Funds^® are managed by New York Life Investment Management LLC and distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC.

Media Contacts:
Allison Scott
(917) 579-8914
Allison_Scott@nylim.com 

Sara Guenoun
(718) 687-6259
Sara_J_Guenoun@newyorklife.com

View original content:https://www.prnewswire.com/news-releases/mainstay-mackay-definedterm-municipal-opportunities-fund-and-mainstay-cbre-global-infrastructure-megatrends-fund-announce-departure-of-yie-hsin-hung-from-the-board-of-trustees-301649619.html

SOURCE New York Life Investments

FAQ

What significant event occurred on October 14, 2022, regarding New York Life Investments?

Yie-Hsin Hung announced her departure from the Board of Trustees for the MainStay funds.

Who resigned from the Board of Trustees of MMD and MEGI?

Yie-Hsin Hung resigned from the Board of Trustees of both the MainStay MacKay DefinedTerm Municipal Opportunities Fund and the MainStay CBRE Global Infrastructure Megatrends Fund.

What is the impact of Yie-Hsin Hung's resignation on MMD and MEGI?

Hung's resignation may introduce uncertainties in fund management and strategy due to changes in board composition.

How many members are currently on the Board of Trustees for MMD and MEGI?

The Board of Trustees for both MMD and MEGI is now reduced to six members.