NEW YORK: New York Life Investment Management Company jumps into the nearly $2 trillion US exchange traded funds market with its plan to acquire ETF provider IndexIQ.
New York Life Investment Management asset management business to acquire New York based IndexIQ, which is well known for its alternative investment strategies.
The IndexIQ will become a part of New York Life’s MainStay Investments platform, adding $1.5 billion to MainStay’s $101 billion in assets under management.
Drew Lawton chief executive officer of New York LifeInvestment Management said we intend to leverage IndexIQ’s capabilities to become the dominant provider of non-traditional ETF solutions to the market.
The deal will also expand its distribution footprint For IndexIQ to retail and institutional investors on New York Life’s platform. The transaction is expected to close in the first half of 2015. The company said terms of the deal were not disclosed.