New York Life Investments has agreed to acquire Dexia Asset Management for €380 million (US$512 million), less than a week after the parties entered into exclusive negotiations over the prospective deal.

The purchase will give New York Life Investments access to European, Asian and Australian markets through Dexia, which has US$100 billion in assets under management.

The addition of Dexia Asset Management is expected to bring New York Life Investments total assets under management to more than US$480 billion.

The deal is subject to approval by regulatory authorities and is expected to close on or about 31 December 2013.

Dexia has been trying to sell the division, as part of a deal with European regulators in exchange for state aid it received in recent years.

Ted Mathas, chairman and CEO, New York Life Insurance Company, said: "Dexia brings even more diversification to us with its excellent footprints in Europe and Australia."

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