New York Life Investments is buying Dexia Asset Management for €380 million (U.S. $512.5 million).

Dexia Asset Management provides global fixed income, equities, alternatives and asset allocation services. The company has about $100 billion in assets under management and provides investment services for 25 countries. Dexia has management centers in Brussels, Paris, Luxembourg and Sydney.

New York Life Investments, a subsidiary of New York Life Insurance Co., is an investment management firm with $388 billion in assets under management, before the Dexia purchase. The company offers fixed-income, equities and alternative products for institutional and retail clients. New York Life Investments also provides retirement plans.

Other recent asset management deals include Estancia Capital Partners LP’s investment in equity manager Sustainable Growth Advisers LP, and Orix Corp.’s purchase of Rabobank Group’s asset management unit.

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