Naim Abou-Jaoude was named CEO of New York Life Investment Management, effective May 1, a news release said Monday.
He will replace Yie-Hsin Hung, who joined State Street Global Advisors in December as its president and CEO. Mr. Abou-Jaoude will report to Alain Karaoglan, New York Life's head of strategic businesses, who as been leading the investment management business on an interim basis since Ms. Hung's departure.
Mr. Abou-Jaoude is currently CEO of Candriam, a global multispecialist money manager and New York Life affiliate with $149 billion in assets under management, and he will transition to the role of chairman of the board of directors of Candriam on May 1.
The news release also said Vincent Hamelink, Candriam's chief investment officer, will succeed Mr. Abou-Jaoude as CEO. A spokeswoman for New York Life could not be immediately reached for further information.
NYLIM has about $371 billion in assets under management.