NEW YORK (Reuters) - 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 December 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 Insurance Co.
Reporting by David Randall; Editing by Lisa Shumaker