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new york life investments enters uk mkt

New York Life Investments is to build up its asset management capabilities and bring them into Europe through the acquisition of Dexia Asset Management for 380m (£320m).

new york life investments enters uk mkt

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Dexia has around $100bn in assets under management (£62bn) across global fixed income, global equities, alternatives and asset allocation products that are distributed to retail and institutional clients in 11 locations covering 25 countries.

The deal is still subject to regulatory approval but this is expected to be given by the end of the year.

Dexia opened an office in London in May 2012, run by Graham Kane as head of sales and relationship management for the UK and Ireland.
According to Ric van Weelden, head of Dexia’s client relations and solutions, the impact on Kane’s UK business is “reflective of the plethora of fund selection units based in the UK and Ireland managing selection lists for an overseas client base”.

As well as third-party distribution, he fully expects Dexia to take advantage of the institutional fund doors that New York Life Investments will be able to open.

Dexia already runs several hundred million pounds on behalf of more than 20 UK and Irish institutional clients that have come through wealth managers, multi-managers, retail banks, and life assurance businesses.

New York Life Investments – whose assets will swell towards $500bn with the acquisition, making it a top-25 global manager – runs a multi-boutique model.

John Kim, chairman and chief executive officer, New York Life Investments, added: “The acquisition of Dexia Asset Management will provide our clients with access to the company’s highly-rated funds, strong European platform, and established Australian equities business.

“It builds upon the strong momentum we’ve achieved in our third-party global asset management business and positions us for further growth in key markets around the world.”

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