New York Life Investments has agreed to acquire Dexia Asset Management just a week after its parent announced the two firms had entered into exclusive talks.

New York Life Investments will acquire 100% of Dexia’s shares in Dexia AM for a total price of €380m.

According to New York Life, the addition of Dexia AM, which had €74bn in assets under management as of the end of July, will bring the US company’s total assets under management to more than $480bn (€356bn).

Ted Mathas, chairman and chief executive at New York Life Insurance Company, said: “The acquisition of Dexia AM 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.”

Naïm Abou-Jaoudé, chief executive at Dexia AM, said his company looked forward to building on a “complementary and shared long-term vision”, and that its clients and staff could anticipate the partnership “with confidence”.

The deal is still subject to regulatory approval.

Earlier this week, a spokeswoman at Dexia told IPE New York Life was already in the first phase of negotiations late last year when GCS made an offer to acquire Dexia AM.

“Once negotiations ended with GCS Capital due to the non-respect of their agreement, New York Life grabbed the opportunity to launch talks with Dexia again,” she said.