New York Life Insurance has agreed to acquire a Dexia SA unit for $512m as it expands its business of managing money for investors.
Bloomberg reports that Dexia Asset Management oversees about $100bn, and the transaction will boost assets under management at New York Life Investments to more than $480bn, the company said yesterday in a statement.
The deal 'demonstrates our commitment to the global asset-management business which provides important earnings diversification', New York Life Chief Executive Officer Ted Mathas said in the statement.
Mathas is among insurance executives expanding in asset management to increase fee income. New York Life struck a deal last year to take a stake in Cornerstone Capital Management.
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