Dexia Asset Management (DAM) has rebranded following its recent sale to New York Life Investment Management (NYLIM), and is hopeful that with a new name and new corporate parents, it will be able to have a “fresh start”, its chief executive has said.

In a statement, Naïm Abou-Jaoudé said the new name, CANDRIAM, was an acronym of what it regarded as its core company values – conviction and responsibility in asset management.

“These two values drive everything we do,” Abou-Jaoudé said. “They are the roots of our expertise, our innovative ideas and a great discipline in our investment processes.”

The chief executive acknowledged that the €380m acquisition by NYLIM ended a “period of uncertainty”, and that it might be a while before it can attract new business again.

Speaking during a conference call, he also said he saw CANDRIAM positioned in a “sweet spot”, able to take advantage of a number of market opportunities.

“We are small enough to continue to be flexible, to continue to focus on the local position in each country in Europe – we have 11 operations today – to have this dedicated team with a lot of proximity, and our entrepreneurial spirit and the company culture will remain the same,” he said. 

However, Abou-Jaoudé also said the backing of “one of the strongest financial groups” would grant it the resources and strength to achieve new objectives and targets.

Addressing the two years between DAM’s announcement that it was seeking a buyer and the eventual acquisition by NYLIM, he said: “Clearly, after this period of uncertainty that last two years now, with the change of ownership plus uncertainty over our parent company, this new start, this fresh start will help us to regain business.

“We can see the momentum is already in place internally. And, in terms institutional clients, consultants and third-party distributors, there is a lot of interest that is coming over the last 10 days after we signed.”

DAM first announced it was up for sale in 2012, it entered exclusive, but ultimately fruitless, talks with Hong Kong’s GCS Capital in late 2012.

Over last summer, FinEx Capital then made a bid for the company, but the firm eventually began exclusive talks with NYLIM, culminating in the €380m transaction.

CANDRIAM said it would look to build on experience in corporate and high-yield debt, biotechnology, socially responsible investment and European and quant equity strategies.

As of the end of December, DAM managed €73bn in assets.

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