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.
New York Life, which has $117 billion in assets under management, said it had decided to acquire Towneley because of its value style of investing, as well as its separately-managed accounts.
"Towneley's family of "Eclipse Funds complement [New York Life Investment Management's] existing mutual fund offerings . . . particularly in regard to expanding its value capabilities," said Brian Lee, president and chief executive officer of New York Life, in a statement.