New York Life Investments buys Dexia Asset Management for €380 million

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New York Life Investments acquired Dexia Asset Management for €380 million ($513 million), confirmed New York Life spokeswoman Jacqueline Meere.

The transaction is expected to close by the end of the year.

Dexia Asset Management has about $100 billion in assets under management, with management centers in Brussels, Paris, Luxembourg and Sydney. New York Life Investments had $388 billion in assets under management as of July 31.

This acquisition is expected to bring New York Life Investments' total assets under management to more than $480 billion.

New York Life Investments announced a strategic partnership with Samsung Life on Sept. 4. And a year ago, New York Life bought a minority stake in large-cap growth equity boutique Cornerstone Capital Management and planned to increase its investment to a majority stake over a seven-year period.