| NEW YORK, Sept 24
NEW YORK, Sept 24 After less than a week of
negotiations, New York Life Investments announced Tuesday that
it had agreed to purchase Dexia Asset Management for 380 million
euro ($512 million).
Belgian financial group Dexia had been trying to
sell the division, which has approximately $100 billion in
assets under management, as part of a deal with European
regulators in exchange for state aid it received in recent
years. Its prior deal to sell the asset management arm to Hong
Kong-based GCS Capital for 380 million euros fell
through in July.
The purchase of the company, which is expected to close Dec.
31, will bring New York Life Investment's total assets under
management to more than $480 billion, the company said. New York
Life Investments is a wholly-owned subsidiary of New York Life