[By NBC-1TV H. J Yook]New York Life Investments announced today that it has completed its acquisition of Dexia Asset Management, a leading international asset manager, with management centers in Brussels, Paris, Luxembourg and its investment boutique, Ausbil, based in Sydney, for EUR 380 million.

Dexia Asset Management joins New York Life Investments’ diversified family of investment boutiques, complementing its current capabilities in fixed income, equities and alternative investments and adds $100 billion in assets under management, bringing New York Life Investments’ total assets under management to $511 billion.

Naïm Abou-Jaoudé will continue in his role as chief executive officer and chairman of the Executive Committee of Dexia Asset Management and Paul Xiradis will remain chief executive officer of Ausbil. Yie-Hsin Hung, in addition to her current role as co-president of New York Life Investment Management and chairman of New York Life Investment Management International, becomes chairman of the Board of Directors of Dexia Asset Management. Naïm Abou-Jaoudé joins the Executive Committee of New York Life Investment Management International as vice chairman.

“Expanding our asset management business in Europe and Australia represents a significant growth opportunity for New York Life to become a key player in the global asset management arena, adding important scale and geographical diversity to our business,” said John Kim, vice chairman, New York Life. “As with our other boutiques, Dexia Asset Management will preserve the integrity of its investment processes, portfolio management teams and distinct culture, while at the same time benefit from the strength, resources and capital of New York Life.”

“The acquisition of Dexia Asset Management, a robust organization with a diverse array of products and broad distribution adds quality investment solutions for our clients on a global basis, and represents a milestone in the growth of New York Life Investments. We warmly welcome Naïm Abou-Jaoudé and his entire team to the New York Life family and look forward to fully supporting the firm’s future endeavors,” he added.

“I am delighted to take on the role of chairman of the Board, working with Naïm Abou-Jaoudé to bring New York Life’s significant resources to Dexia Asset Management,” said Yie-Hsin Hung, co-president of New York Life Investment Management and chairman of New York Life Investment Management International. “With the backing of New York Life, Dexia Asset Management has the opportunity to even better meet the needs of its clients with innovative products, strong performance, meticulous risk management and substantial resources, and do what it does best -- being an excellent investment partner to its clients.”