New York Life has picked an executive with decades of European Union experience to run its New York Life Investment Management unit, which oversees $371 billion of the company's $760 billion in assets under management.
The policyholder-owned mutual insurer announced Monday that Naïm Abou-Jaoudé will succeed Yie-Hsin Hung as NYLIM's CEO.
Hung left the unit in September 2022 to become the president and CEO of State Street Global Advisors.
Abou-Jaoudé has been the CEO of Candriam, a New York Life-owned, Luxembourg-based money manager with $150 billion in assets under management, since 2007. Candriam develops investment programs focused on efforts to support environmental, sustainability and governance goals.
What It Means
For New York Life, the NYLIM CEO pick could mean that the company sees opportunities in Europe.
For clients, it could mean that the ESG investment options still matter.
Abou-Jaoudé
Abou-Jaoudé was born in Jal-El-Dib, Lebanon. He earned an undergraduate degree from Sciences Po in Paris and a master's degree in economics and finance from Panthéon-Assas University.
He started out as a convertible bond funds manager at Transoptions Finance in 1990; became co-head of alternative management at Alfi Gestion; oversaw stocks at derivatives at UBS Asset Management France; and then joined the executive committee at Dexia Asset Management and became its CEO.
NYLIM acquired Dexia Asset Management and changed its name to Candriam in 2014. It named Abou-Jaoudé chair of New York Life Investment Management International in September 2015.
Abou-Jaoudé became the president of the European Fund and Asset Management Association in 2021.
