New York Life Investment Management Holdings of Parsippany, N.J. announced last week that it had signed a definitive agreement to acquire the mutual fund and separately-managed account business of Towneley Capital Management of New York. Terms of the deal were not disclosed.

The portion of Towneley that New York Life will acquire has assets under management of $600 million, New York Life announced. Including its hedge fund, Towneley has total assets under management of $1 billion, according to firm's website.

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