New York Life Investments confirms €380m purchase of Dexia AM
New York Life Investments has confirmed it is buying Dexia Asset Management for €380m, with the deal closing by 31 December, subject to regulatory approval.
Dexia has about $100bn in assets under management, and has a presence in Brussels, Paris, Luxembourg and Sydney.
The company offers global fixed income, global equities, alternatives and asset allocation products across retail and institutional channels in 11 locations covering 25 countries.
NYLI offers institutional and retail products and services. Adding Dexia to its books will take AUM to over $480bn, making it a claimed top 25 global insitutional manager.
Ted Mathas, chairman and chief executive officer, New York Life Insurance Company, said: “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.”
“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.”