New York Life Investments is to acquire full ownership of Dexia Asset Management – an international asset manager with approximately USD100bn in assets under management – for EUR380m.
With management centres in Brussels, Paris, Luxembourg and Sydney, Dexia offers global fixed income, global equities, alternatives and asset allocation products across retail and institutional channels in 11 locations covering 25 countries.
The transaction, which remains subject to the approval of regulatory authorities, is expected to close on or about 31 December 2013.
The addition of Dexia Asset Management is expected to bring New York Life Investments’ total assets under management to more than USD480bn.
“We are very pleased with the growth of New York Life Investments – and the Dexia Asset Management acquisition further demonstrates our commitment to the global asset management business which provides important earnings diversification for our company. In the five years since the financial crisis, we have been doing extraordinarily well – more than doubling assets under management, reflecting the strong track records and first class products and service of our asset managers, as well as clients’ appreciation for the safety and soundness of New York Life,” says Ted Mathas (pictured), chairman and chief executive officer, New York Life Insurance Company. “We have superb execution of our multi-boutique model, where clients can avail themselves of a range of quality firms to fit their precise needs. Dexia Asset Management brings even more diversification to us with its excellent footprints in Europe and Australia.”
Naïm Abou-Jaoudé, chief executive officer, Dexia Asset Management, says: “We are delighted to join the New York Life Investments family, part of America’s leading mutual life insurance company and one of the world’s most respected financial institutions. We look forward to building upon a complementary and shared long term vision with the benefits, support and resources of New York Life and believe our clients and staff can anticipate this partnership with confidence.”