Staff
New York Life Investments has signed a deal to acquire Dexia Asset Management for €380 million (C$529 million).
The deal comes just a few days after both companies entered into exclusive talks.
Dexia Asset Management has clients in 25 countries and approximately US$100 billion (C$103 billion) in assets under management. Once the acquisition closes, New York Life expects to have more than $480 million of assets under management.
Dexia has been selling off assets after being hit hard by both the global financial crisis and the eurozone crisis.
Last year, the company sold its 50% stake in RBC Dexia to Royal Bank of Canada.
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