New York Life announced Monday that Naïm Abou-Jaoudé will move from his position as head of one of the company’s European asset management subsidiaries to the CEO of its investment arm, New York Life Investment Management.
Abou-Jaoudé will leave his current position as CEO of Candriam, which has $149 billion in assets under management, to lead the company’s investment division with $371 billion in AUM, according to the announcement. He will start the new role on May 1 and report to Alain Karaoglan, head of strategic businesses at New York Life.
Abou-Jaoudé takes the role after former investment head Yie-Hsin Hung left the firm in September 2022 to become CEO and president of State Street Global Advisors, according to a State Street announcement. Hung was named CEO of New York Life Investment Management in 2015, having joined the firm in 2010 to run the institutional investment business.
The investment division of New York Life has doubled its AUM in the past decade, in part through expansion and acquisition, according to the firm. The asset management division offers investment advice along with its mutual funds, exchange-traded funds and alternative asset investments, among other investment vehicles, according to the company website. The firm had about $13 billion in defined contribution investments as of December 31, 2021, according to the most recent data from PLANADVISER’s DCIO survey.
Abou-Jaoudé joined New York Life through the firm’s acquisition of Luxembourg-based Candriam in February 2014. He has been CEO of the division for 16 years and oversaw a doubling of AUM at the company since the acquisition.
“Candriam is one of the fastest-growing asset managers in Europe, a success story we’re very proud to share. … I have full confidence that under Naïm’s direction, NYLIM including Candriam will continue on their growth trajectories,” Karaoglan said in a statement.
Vincent Hamelink, Candriam CIO, will take over as CEO of the subsidiary, effective May 1, according to New York Life. At that time, Abou-Jaoudé will transition to chair of Candriam’s board of directors.