|[September 24, 2013]
New York Life Investments to Acquire Dexia Asset Management
NEW YORK --(Business Wire)--
New York Life Investments announced today it entered into a definitive
agreement to acquire full ownership of Dexia Asset Management for EUR
380 million. Dexia Asset Management has approximately US$100 billion in
assets under management, and is a leading international asset manager.
With management centers 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. The transaction, which remains subject
to the approval of regulatory authorities, is expected to close on or
about December 31, 2013.
The transaction further establishes New York Life Investments as a
leading global asset manager and a provider of investment solutions for
institutional and retail investors. The addition of Dexia Asset
Management is expected to bring New York Life Investments' total assets
under management to more than $480 billion, and will likely propel its
rankings into the top 25 global institutional money managers.
"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," said Ted Mathas, chairman and chief executive officer, New York
Life Insurance Company. "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
John Kim, chairman and chief executive officer, New York Life
Investments, added: "Dexia Asset Management has demonstrated remarkable
investment performance under challenging circumstances, reflecting its
strong investment management culture and solid business fundamentals. We
are looking forward to the firm joining our roster of investment
boutiques." He continued, "The acquisition of Dexia Asset Management
will provide our clients with access to the company's highly-rated
funds, strong European platform, and established Australian equities
business. It builds upon the strong momentum we've achieved in our
third-party global asset management business and positions us for
further growth in key markets around the world."
Naïm Abou-Jaoudé, chief executive officer, Dexia Asset Management,
said: "We are delighted to join the New York Life Investments
family, part of America's leading mutual life insurance company and one
of the world's most respected financial institutions. We look forward to
building upon a complementary and shared long term vision with the
benefits, suppot and resources of New York Life and believe our clients
and staff can anticipate this partnership with confidence."
The Dexia Asset Management acquisition continues the strong growth of
New York Life Investments' third party business. Third party assets have
risen to $173 billion as of July 31 2013, from $68 billion at year end
2008, in part due to the exceptional growth of the MainStay Investments'
("MainStay") mutual funds business. MainStay, a New York Life company,
has more than tripled its total long-term mutual fund assets under
management over the past five years to over $80 billion, as of July 31,
2013, up from $26.3 billion in July 2008, solidifying the company's
position as a leader in the mutual fund industry.
About New York Life Investments
New York Life Investments, a wholly owned subsidiary of New York Life
Insurance Company, is a leading investment management firm, with $388
billion in assets under management, as of July 31, 2013. New York Life
Investments ranks among the world's largest asset managers* and through
its multiple-boutique investment structure, offers access to an array of
fixed income, equities and alternative products for institutional and
retail clients. New York Life Investments is also a leading provider of
retirement plans for corporations, multi-employer trusts, and
individuals, and is recognized as one of the nation's top providers of
guaranteed products to both the qualified and non-qualified markets.
"New York Life Investments" is a service mark used by New York Life
Investment Management Holdings LLC and its subsidiary, New York Life
Investment Management LLC.
*Source (News - Alert): New York Life Investments ranked 29th among the world's largest
money managers within Pensions & Investments, May 27, 2013.
Rankings are based on total worldwide institutional assets under
management for the year-end 2012. New York Life Investments assets
includes assets of affiliated investment advisors.
About New York Life Insurance Company
New York Life Insurance Company, a Fortune 100 company founded in
1845, is the largest mutual life insurance company in the United States*
and one of the largest life insurers in the world. New York Life has the
highest possible financial strength ratings currently awarded to any
life insurer from all four of the major credit rating agencies: A.M.
Best (A++), Fitch (AAA), Moody's Investors Service (Aaa), Standard &
Poor's (AA+).** Headquartered in New York City, New York Life's family
of companies offers life insurance, retirement income, investments and
long-term care insurance. Please visit New York Life's website at www.newyorklife.com
for more information.
*Based on revenue as reported by "Fortune 500 ranked within
Industries, Insurance: Life, Health (Mutual)," Fortune magazine,
May 20, 2013. See http://money.cnn.com/magazines/fortune/fortune500/2013/faq/?iid=F500_sp_method%20
**Individual independent rating agency commentary as of 8/1/13.
About MainStay Investments
With over $80 billion in assets under management as of July 31, 2013
across retail mutual funds and variable product sub-accounts, MainStay
Investments is the mutual fund distribution arm of New York Life.
MainStay provides financial advisors access to a powerful mix of
autonomous, institutional investment managers, delivered by people who
understand the needs of today's financial advisor. Please visit
MainStay's website at www.mainstayinvestments.com
for more information.
MainStay Investments® is a registered service mark and name under which
New York Life Investment Management LLC does business. MainStay
Investments is an indirect subsidiary of New York Life Insurance Company.
Securities of the MainStay Funds are distributed by NYLIFE Distributors
LLC. 169 Lackawanna Ave Parsippany, NJ 07054. Please call 800-MAINSTAY
(800-624-6782) for MainStay Funds prospectuses. Please consider the
investment objectives, risks, and charges and expenses of the investment
carefully before investing. The prospectus contains this and other
information about the investment company. Please read it carefully
before you invest.
About Dexia Asset Management
Dexia Asset Management is an asset manager specialized in fund
management and institutional and private mandates. Dexia Asset
Management is a first-tier, pan-European and Australian player managing
EUR 74 billion in assets, distributed among a full range of investment
vehicles, including traditional management, alternative management and
sustainable and responsible investments. Dexia Asset Management has
management teams in Brussels, Luxembourg, Paris and Sydney and sales
teams throughout Europe, Australia and the Middle East. www.dexia-am.com.
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