value over time. New York Life also sells term life insurance, universal life insurance, variable universal life insurance, long-term care insurance, annuities and disability insurance. The company operates New York Life Direct, selling direct-to-consumer policies, and is the exclusive life insurance partner of the AARP. Asset management businesses New York Life Investments is a subsidiary global asset management business which serves both institutional and retail clients. It ranks No. 26 by total worldwide institutional assets under management, according to Pensions & Investments''' Largest Money Managers Survey 2017. The group manages money through independent investment boutiques. These boutiques include: Ausbil, an Australian investment boutique specializing in equities Candriam Investors Group, which focuses on high yield, absolute return, emerging debt, sustainable investments and asset allocation strategies Credit Value Partners, which specializes in opportunistic, distressed debt and high-yield corporate credit GoldPoint Partners, a private equity firm IndexIQ, which specializes in exchange-traded funds and alternative investment strategies MacKay Shields, an asset management firm that focuses on income generation and offers capital growth through mutual and hedge funds Madison Capital Funding, which provides financing to private equity firms Private Advisors, an asset manager specializing in hedge funds and private equity funds Charitable efforts New York Life Foundation is the insurance company's philanthropic arm. Its areas of focus include childhood bereavement. New York Life Foundation first became involved in childhood bereavement programs when it supported the Comfort Zone Camp in 2007. Its partners and programs include the National Alliance of Grieving Children, Grief Reach, Coalition to Support Grieving Students, Camp Erin/Moyer Foundation, Tragedy Assistance Program for Survivors and Boys and Girls Clubs of America. It sponsored the HBO documentary One Last Hug. The company also emphasizes giving to various cultural communities, including the African-American community. The company also funded a $10 million endowment to the Colin Powell Center for Policy Studies at the City College of New York called the New York Life Endowment for Emerging African-American Issues in 2006. Ratings and rankings In June 2018, New York Life ranks No. 69 on the Fortune 500. In 2017 Fortune named New York Life among its Most Admired Companies in the life insurance industry. Forbes'' ranked New York Life #364 among America's Best Employers for 2017. As of 2019, New york Life ranks No. 71 on the Fortune 500. By the end of 2019, New York Life had earned the highest financial strength ratings from major four