(Bloomberg) -- New York Life Insurance Co. agreed to buy asset manager IndexIQ, pushing into exchange-traded funds and adding offerings for retail investors who want to copy hedge-fund approaches.

The transaction “puts us into the forefront of two very important growth trends in the industry,” Drew Lawton, chief executive officer of New York Life Investment Management, said in an interview. “Not just ETFs, but also alternatives and, maybe more specifically, liquid alternatives.”

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