Mackay Shields: AUM & Ownership

Clients

Mackay Shields serves 354 clients, 75 of them insurance companies. The average client has about $451 million with the firm, and high-net-worth clients hold 2% of its $159.5 billion in assets.

Regulatory assets by client type

Investment companies43 clients42%
Pooled investment vehicles43 clients15%
Pension and profit-sharing plans72 clients9%
State or municipal government entities34 clients8%
Insurance companies75 clients18%
OtherSovereign wealth funds and foreign official institutions, High-net-worth individuals, Banking or thrift institutions, Charitable organizations, Corporations and other businesses, Other8%

Show client breakdown

Client type	Clients	Regulatory AUM	Share	Avg. per client
High-net-worth individuals	25	$2,971,029,318	1.9%	$118.8M
Banking or thrift institutions	1	$207,339,731	0.1%	$207.3M
Investment companies	43	$67,656,262,089	42.4%	$1.57B
Pooled investment vehicles	43	$23,478,388,680	14.7%	$546.0M
Pension and profit-sharing plans	72	$13,593,578,047	8.5%	$188.8M
Charitable organizations	1	$109,379,659	0.1%	$109.4M
State or municipal government entities	34	$13,078,237,387	8.2%	$384.7M
Insurance companies	75	$28,987,853,846	18.2%	$386.5M
Sovereign wealth funds and foreign official institutions	1	$6,466,387,664	4.1%	$6.47B
Corporations and other businesses	12	$2,414,975,440	1.5%	$201.2M
Other	47	$557,697,538	0.3%	$11.9M
Total	354	$159,521,129,399	100%	$450.6M

High-net-worth individuals

Clients: 25
Regulatory AUM: $2,971,029,318
Share: 1.9%
Avg. per client: $118.8M

Banking or thrift institutions

Clients: 1
Regulatory AUM: $207,339,731
Share: 0.1%
Avg. per client: $207.3M

Investment companies

Clients: 43
Regulatory AUM: $67,656,262,089
Share: 42.4%
Avg. per client: $1.57B

Pooled investment vehicles

Clients: 43
Regulatory AUM: $23,478,388,680
Share: 14.7%
Avg. per client: $546.0M

Pension and profit-sharing plans

Clients: 72
Regulatory AUM: $13,593,578,047
Share: 8.5%
Avg. per client: $188.8M

Charitable organizations

Clients: 1
Regulatory AUM: $109,379,659
Share: 0.1%
Avg. per client: $109.4M

State or municipal government entities

Clients: 34
Regulatory AUM: $13,078,237,387
Share: 8.2%
Avg. per client: $384.7M

Insurance companies

Clients: 75
Regulatory AUM: $28,987,853,846
Share: 18.2%
Avg. per client: $386.5M

Sovereign wealth funds and foreign official institutions

Clients: 1
Regulatory AUM: $6,466,387,664
Share: 4.1%
Avg. per client: $6.47B

Corporations and other businesses

Clients: 12
Regulatory AUM: $2,414,975,440
Share: 1.5%
Avg. per client: $201.2M

Other

Clients: 47
Regulatory AUM: $557,697,538
Share: 0.3%
Avg. per client: $11.9M

Total

Clients: 354
Regulatory AUM: $159,521,129,399
Share: 100%
Avg. per client: $450.6M

What it does

Mackay Shields provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions and publishing newsletters. It is paid through a percentage of assets and performance-based fees.

Mackay Shields advises 16 private funds.

100.0% of assets ($159.52B across 366 accounts) are managed with discretion. $557.7M sits in a wrap fee program the firm both sponsors and manages. 14% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end

Bonds85%
- State and local bonds33%
- High-yield corporate bonds29%
- Investment grade corporate bonds17%
- U.S. government and agency bonds6%
Cash1%
Other12%
- Convertibles, abs/structured products, bank loans, non-us currency holdings12%

Filed values cover 98%. The neutral 2% gap has no reported category.

Custodians

Mackay Shields’ client accounts are held mainly at The Bank of New York Mellon, with 20% of managed assets, and The Northern Trust, with 6%. Mackay Shields has custody of $114.30B for 186 clients.

Managed account assets by custodian

The Bank of New York MellonThe Bank of New York Mellon Corporation · New York, NY · $32.50B20%
The Northern TrustThe Northern Trust Company · Chicago, IL · $9.52B6%
State StreetState Street Corporation · Boston, MA · $7.35B5%
All other custodians$110.16B69%

Ownership and leadership

New York Life Investment Management Holdings LLC owns 75% or more of Mackay Shields, and Alison Micucci is its CEO.

Who owns the firm

Mackay Shields LLC· the adviser

New York Life Investment Management Holdings LLC
Control person · since January 2000
Owns 75% or more of Mackay Shields LLC
- New York Life Insurance Company
  Indirect interest holder · Control person · since October 1999

Leadership

Alison Micucci
Chief Executive Officer, Elected to the Board of Managers
Michael Corker
Chief Financial Officer, Senior Managing Director
Christopher Fitzgerald
Chief Compliance Officer, Managing Director
Naim Abou-Jaoude
Chairman of the Board of Managers
Rene Bustamante
Chief Administrative Officer, Executive Managing Director
Michael Depalma
Senior Managing Director
Robert Dimella
Executive Managing Director
Francis Harte
Elected to the Board of Managers
Alain Karaoglan
Elected to the Board of Managers
Young Lee
General Counsel, Senior Managing Director
Kirk Lehneis
Elected to Board of Managers
John Loffredo
Vice Chairman, Executive Managing Director, Elected to the Board of Managers
Cornelius Moriarty
Senior Managing Director
Craig Sabal
Elected to the Board of Managers
Andrew Susser
Executive Managing Director

Staff

206 employees
73 in advisory functions
6 state-registered reps
38 broker-dealer reps
5 soliciting firms

Reported holdings

Mackay Shields’ reported 13F holdings total $2.99B across 108 positions, and the ten largest make up 28.0% of it.

$2.99B
Reported 13F value: 108
Positions: 28.0%
In the 10 largest: +9.4%
Value vs. prior quarter

Ten largest positions, share of reported value

Western Digital Corp. · Note 3.000%11/15.1%
Alphabet Inc. · Dep Shs Rp1/20 A4.1%
Mks Inc.. · Note 1.250% 6/03.6%
Lumentum Hldgs Inc. · Note 0.500% 6/12.8%
Lantheus Hldgs Inc. · Note 2.625%12/12.5%
Hewlett Packard Enterprise C · 7.625 Mand Conv2.4%
Cable One Inc. · Note 1.125% 3/12.0%
Qxo Inc. · 5.50 Dep Pfd1.9%
Boeing CO · Dep Conv Pfd A1.9%
Tetra Tech Inc. New · Dbcv 2.250% 8/11.9%

Together, the ten largest are 28.0% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 28 July 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $2.99B is not its $159.52B in regulatory assets and does not represent any individual client's portfolio.

Fees

Mackay Shields is paid through a percentage of assets under management and performance-based fees.

Mackay Shields’ fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Mackay Shields has 3 offices, with 4 listed addresses across 3 states.

Listed office addresses by state

New York · 2 listed addresses

299 Park Avenue, 32nd Floor, New YorkHQ
51 Madison Avenue, New York

Registration details

Legal name: Mackay Shields LLC
Headquarters: 299 Park Avenue, 32nd Floor, New York, NY 10171
Phone: 212-758-5400
Website: Not reported
SEC file: 801-5594
Structure: Delaware LLC
Fiscal year end: December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Mackay Shields have?

Mackay Shields has 354 clients and manages $159.5 billion for them, as of August 2026. They include 75 insurance companies, 72 pension and profit-sharing plans and 47 other clients.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 6 August 2026

What services does Mackay Shields offer?

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does Mackay Shields use?

Mackay Shields’ separately managed account assets are held at The Bank of New York Mellon Corporation (New York, NY), with $32,498,017,860, The Northern Trust Company (Chicago, IL), with $9,516,170,226 and State Street Corporation (Boston, MA), with $7,351,405,491. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 6 August 2026

How many financial advisors does Mackay Shields have?

Mackay Shields has 6 investment adviser representatives registered with state securities authorities, out of 206 employees, and 73 perform investment advisory functions. 38 are registered representatives of a broker-dealer and 0 are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Mackay Shields invest in?

At the end of its last fiscal year, Mackay Shields’ separately managed accounts held 33% state and local bonds, 29% high-yield corporate bonds, 17% investment grade corporate bonds, 12% convertibles, abs/structured products, bank loans, non-us currency holdings, 6% U.S. government and agency bonds and 1% cash and equivalents. It advises 16 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Mackay Shields?

Mackay Shields’ direct owner is New York Life Investment Management Holdings LLC (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 6 August 2026

How does Mackay Shields get paid?

Mackay Shields is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file