New York Life named Naïm Abou-Jaoudé as CEO of its investment arm, New York Life Investment Management. Abou-Jaoudé will leave his current position at Candriam, a global money manager and New York Life affiliate with $149 billion in assets. He is expected to start his new role on May 1. 

Vincent Hamelink, Candriam CIO, will take over as CEO of the subsidiary. 

Abou-Jaoudé will replace Yie-Hsin Hung, who joined State Street Global Advisors in December as its president and CEO. Abou-Jaoude will report to Alain Karaoglan, New York Life’s head of strategic businesses, who has been leading the investment management business on an interim basis since Hung’s departure. 

“Naïm is an accomplished leader in the global investment management industry with a strong track record of achievements as CEO of Candriam. I am very confident in the leadership and vision that he will bring to NYLIM in the years to come,” said Craig DeSanto, CEO and President, New York Life. 

The $371bn asset management division offers investment advice along with its mutual funds, exchange-traded funds and alternative asset investments, among other investment vehicles. 

Abou-Jaoudé joined New York Life through the firm’s acquisition of Luxembourg-based Candriam in February 2014. He has been CEO of the division for 16 years and oversaw a doubling of assets under management since the acquisition. 

Pictured: Naïm Abou-Jaoudé