New York Life Insurance Co. is set to buy IndexIQ as a means of advancing the company's services into the exchange-traded funds (ETF) industry. Terms of the deal remain undisclosed.

The transaction is designed to boost services related to liquid alternatives and offerings for retail investors. The acquisition of IndexIQ adds $1.5 billion in assets under management. That includes about $950 million in the target's IQ Hedge Multi-Strategy Tracker ETF (QAI), which seeks to pinpoint companies that could be targeted for acquisitions, as well as wager on individual stocks rising and falling.

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