US mutual insurer New York Life has named Candriam’s Naïm Abou-Jaoudé as chief executive of its global investment management business.
Abou-Jaoudé, who has been CEO of Candriam for the past 16 years, will join New York Life Investment Management in May.
He takes over the top job from Yie-Hsin Hung, who left to join State Street Global Advisors as CEO in December. He will relocate from London to the US.
Abou-Jaoudé, who ranks among Europe’s longest serving fund management CEOs, will be responsible for NYLIM’s global multi-boutique operation, which has offices in the US, UK, Europe, Asia and Australia.
He will also oversee its US mutual fund and exchange traded fund platforms.
Over the past decade, the NYLIM has seen assets under management more than double to $371bn through a combination of acquisitions, expansion into new geographies, and organic growth.
NYLIM’s international business represents 45% of its total assets under management.
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“Naïm is an accomplished leader in the global investment management industry with a strong track record of achievements as CEO of Candriam. I am very confident in the leadership and vision that he will bring to NYLIM in the years to come,” said Craig DeSanto, CEO and president of New York Life.
Candriam, which oversees some $149bn in assets, is one of New York Life’s largest investment subsidiaries and has built a reputation for its approach to sustainable investing, particularly in Europe.
New York Life struck a deal in 2013 to buy Dexia Asset Management – Candriam’s former incarnation – after its French-Belgian bank owner had to request several bailouts between 2008 and 2012.
Vincent Hamelink, currently chief investment officer at Candriam, will succeed Abou-Jaoudé as CEO.
Meanwhile Renato Guerriero, chief sales and distribution officer, will serve as his deputy and oversee global development and distribution.
As part of the succession, Abou-Jaoudé will become chair of the board of directors at Candriam. He will remain president of the European Fund and Asset Management Association — the trade body for Europe’s investment management sector — until his mandate ends in June.
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To contact the author of this story with feedback or news, email David Ricketts