New York Life Investment Management (NYLIM), an asset management arm of New York Life, has entered into an agreement to acquire the ETF firm IndexIQ in a move to expand its presence into the exchange traded funds space.

The acquisition is expected to complete in the first half of 2015. Terms of the transaction were not disclosed.

Following the acquisition, IndexIQ will be merged into NYLIM and marketed through the company’s MainStay Investments platform.

The deal will add $1.5bn in assets to MainStay’s $101bn in assets under management.

The transaction will expand IndexIQ’s distribution footprint to retail and institutional investors on New York Life’s platform.

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Drew Lawton, CEO of NYLIM, said: "Retail and institutional investors are increasingly attracted to ETFs because they offer a cost-effective, transparent way to access investment opportunities across asset classes around the globe.

"We intend to leverage IndexIQ’s capabilities to become the dominant provider of non-traditional ETF solutions to the market. At the same time, IndexIQ provides a robust ETF platform that New York Life can use to consider new and diverse offerings in the future."