Ausbil parent company bought by US insurer

The parent company of Ausbil, Dexia Asset Management, has been purchased by New York Life Investments for EUR 380 million (A$587 million) in a deal announced overnight by Ausbil. As a result of the deal Ausbil will join New York Life Investments’ diversified group of boutique investment managers. 

While Ausbil chief executive and founding head of equities Paul Xiradis will remain in his role, New York Life Investment Management’s co-president and chairman of New York Life Investment Management International, Yie-Hsin Hung, will be chairman of the Ausbil board of directors. 

Xiradis said the purchase would not result in any changes to the structure or branding of Ausbil, but would allow it to access fund offerings from the wider New York Life Investments group. 

“There will be no change operationally at Ausbil. We will maintain our independence and autonomy while enhancing our ability to strategically grow our business,” Xiradis said. 

“We are also excited about our plan to operate under the name, Ausbil. There is tremendous brand equity in this name. Now more than ever, it stands for the continuity of our business, which is hugely important to our culture, our staff and our clients,” he added. 

Ausbil was set up in 1997 and is a boutique manager under the wider Dexia Asset Management brand which operates in Europe offering multi-asset investments to retail, institutional and private investors. New York Life Investments is a wholly owned subsidiary of New York Life Insurance Company which is the largest mutual life insurance company in the United States.