New York Life Investments has entered into exclusive negotiations to buy Dexia Asset Management from parent company Dexia SA, according to a statement from Dexia.
Jacqueline Meere, a spokeswoman for New York Life Investments, confirmed that the company was in negotiations with Dexia but declined to comment further.
Negotiations began after an auction process. A price was not disclosed.
New York Life Investments had $388 billion in assets under management as of July 31. Representatives from the firm did not return calls seeking comment by press time.
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.
