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Dexia AM Rebrands Following Acquisition
Troubled Franco-Belgian banking group Dexia Asset Management is rebranding as CANDRIAM following its acquisition by New York Life Investments earlier this month.
Troubled Franco-Belgian banking group Dexia Asset Management is
rebranding as CANDRIAM following its acquisition by New York
Life Investments earlier this month.
The firm said in a statement that CANDRIAM is an acronym for
Conviction and Responsibility in Asset Management and will
continue to focus on strategies related to corporate and high
yield, biotech, SRI, quant and European equity strategies.
New York Life Investments, a subsidiary of New York Life
Insurance Company, acquired Dexia Asset Management for €380
million ($513.5 million) as part of its plans to expand in Europe
and Australia.
The deal includes Dexia's Australian boutique fund manager,
Ausbil, which will join New York Life Investments’ network of
investment boutiques.
The acquisition adds $100 billion in assets under management,
bringing New York Life Investments’ total assets under management
to $511 billion, New York Life said in a statement.
Naïm Abou-Jaoudé will continue in his role as chief executive and
chairman of the executive committee of Dexia Asset Management,
while Paul Xiradis remains as CEO 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, will become chairman of the
board of directors of Dexia Asset Management. Naïm Abou-Jaoudé,
meanwhile, will join the executive committee of New York Life
Investment Management International as vice chairman.
The acquisition of Dexia comes after what has been a troubled
time for the group. In the wake of the financial crisis, Dexia
was bailed out with public funds and has since suffered heavy
losses.
The newly-rebranded group said it had $73 billion in assets under
management as of the end of December 2013.
New York Life Investments had $411 billion in assets under
management as of 31 December 2013 and offers access to fixed
income, equities and alternative products for institutional and
retail clients.
