New York Life Investments, a US-based fund manager, has completed the acquisition of Dexia Asset Management for 380 million (US$587 million).
The acquisition will add US$100 billion in assets under management to New York Life Investments, thereby bringing its total assets under management to US$511 billion.
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The acquisition includes Dexia’s Australian boutique funds management business, Ausbil, which will join New York Life Investments diversified family of investment boutiques.
Under the deal, Ausbil will join New York Life Investments’ diversified group of boutique investment managers.
As part of the deal, Naïm Abou-Jaoudé will continue in his role as CEO and chairman of the Executive Committee of Dexia Asset Management and Paul Xiradis will remain CEO of Ausbil.
Additionally, Yie-Hsin Hung will become chairman of the board of directors of Dexia Asset Management and Naïm Abou-Jaoudé will join the executive committee of New York Life Investment Management International as vice chairman.
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By GlobalDataJohn Kim, vice chairman, New York Life, said: "Expanding our asset management business in Europe and Australia represents a significant growth opportunity for New York Life to become a key player in the global asset management arena, adding important scale and geographical diversity to our business."
"The acquisition of Dexia Asset Management, a robust organization with a diverse array of products and broad distribution adds quality investment solutions for our clients on a global basis, and represents a milestone in the growth of New York Life Investments," he added.
Yie-Hsin Hung, co-president of New York Life Investment Management said: "With our expanded business, our clients now have access to the breadth and depth of European and Australian markets through best-in-class products, global capabilities and tremendous talent and insight on the ground."
Xiradis said: "There will be no change operationally at Ausbil. We will maintain our independence and autonomy while enhancing our ability to strategically grow our business and continue providing the excellence we have become known for."
