MacKay Shields LLC is an asset management firm based in New York City that specializes in managing investment strategies focused on generating income while also offering capital growth options through mutual funds and hedge funds. The firm, established in 1938, follows an approach to investing that is best suited to investors looking for attractive returns with minimum amounts of risk. The firm’s professionals strive to preserve capital for clients with the highest rates of return possible within parameters of controlled risk.

About MacKay Shields

MacKay Shields is a privately owned investment manager, operating as a subsidiary of New York Life Investment Management Holdings LLC. The firm employs more than 50 investment professionals, including portfolio managers, analysts and associates, and manages nearly $90 billion in assets as of March 2016.

MacKay Shields offers its services to state and municipal government entities, profit and pension sharing plans, wrap accounts, high-net-worth individuals (HNWIs), foreign investment companies, banking and financial services institutions, and charitable organizations. The firm is responsible for managing fixed-income, equity and balanced mutual funds. The firm also launches and manages hedge funds on behalf of its clients.

MacKay Shields invests worldwide in public fixed-income and equity markets. It utilizes both fundamental and quantitative analysis, employing bottom-up, credit-centered fundamental research and top-down, macroeconomic stock selection approaches when making investments.

Management Team

Jeffrey Phlegar is the chairman and chief executive officer (CEO) of MacKay Shields. Phlegar is responsible for determining and establishing the firm’s overall investment strategy and ensuring that the firm's goals are implemented. He oversees all portfolio management teams, sales and product development, and enterprise risk. He is part of the firm’s board of managers as well as the senior leadership team head. Prior to joining MacKay Shields in 2011, Phlegar spent nearly two decades working for AllianceBernstein L.P. (NYSE: AWF), where he served as the president of Advisory Services and Special Opportunities. He was also a co-leader of AllianceBernstein’s fixed-income division, as well as chief investment officer (CIO) for the firm. Phlegar earned his bachelor’s degree from Hofstra University and his MBA from Adelphi University. He has worked in the investment industry since the late 1980s.

Lucille Protas is MacKay Shields' executive managing director, president and chief operating officer (COO). She began working in the investment industry at MacKay Shields in 1973 after attending Fairleigh Dickinson University. At MacKay Shields, Protas manages every aspect of the firm’s infrastructure divisions, including human resources, accounting and administration. She plays an active role in the firm’s general direction and strategies as a member of the board of managers and the senior leadership team. Beginning her career at the firm as an investment research assistant, Protas moved up the ladder, becoming a senior analyst, treasurer, chief administrative officer (CAO) and finally, in 2007, becoming president and COO.

Investment Team

Among the investment professionals working at MacKay Shields is Dan Roberts, an executive managing director and the head of global fixed-income investing. Along with being the firm’s CIO, Roberts chairs the fixed-income team’s investment policy committee (IPC), which is the foundation for the team-based approach to managing fixed-income portfolios. Roberts oversees the committee as it sets strategies and ensures that it meets all compliance regulations. Roberts joined MacKay Shields in 2004 after the firm acquired Pareto Partners, where he also worked as CIO. He has worked in the investment industry since 1977 and received his bachelor’s and doctorate degrees from the University of Iowa.

Andrew Susser is the head of high-yield investments at MacKay Shields. He earned a bachelor’s degree from Vassar College and an MBA from the Wharton School of Business. Susser is responsible for managing the high-yield team's investment strategy implementation. Additionally, he follows the retail, gaming and food sectors. Before joining MacKay in 2006, Susser was a portfolio manager at GoldenTree Asset Management. He also worked as a managing director and head of high-yield bond research at Banc of America Securities. Having received a law degree from the University of Pennsylvania, Susser began his work in the investment industry in 1986, working as a corporate finance attorney at Shearman & Sterling’s New York office.

Want to learn how to invest?

Get a free 10 week email series that will teach you how to start investing.

Delivered twice a week, straight to your inbox.