New York Life Investment Management has signed a contract to purchase Towneley Capital Management. Included in the acquisition are assets related to the investment management of Eclipse mutual funds and separate accounts. As part of the bargain, Wesley McCain will continue to oversee management of all Eclipse Funds, and Kathy O'Connor will stay on as co-manager of Eclipse equity funds. Joan Sabella, meanwhile, will continue to co-manage the Eclipse income and balanced funds. Moreover, all Towneley Capital's New York-based employees will become part of New York Life Investment once the deal is finalized. The entire package is valued at roughly $600 million.