New York Life, the largest mutual life insurance company in the US, has announced a new chairman within its multi-boutique investment arm.

New York Life Investment Management has appointed Candriam chief Naïm Abou-Jaoudé as chairman of its international business to fuel growth in Europe and Asia.

Abou-Jaoudé joined NYLIM International as vice chairman in February 2014 when New York Life acquired European asset manager Candriam Investors Group. As chairman, he will now lead NYLIM’s efforts outside the US, while staying on as Candriam's chief executive, a role he has held since 2007.

He will replace and continue to report to Yie-Hsin Hung, who was recently appointed chief executive of NYLIM. Abou-Jaoudé will be supported by current NYLIM International vice chairman Jeffrey Phlegar, as well as NYLIM's newly appointed vice chairman, John Grady, who is also senior managing director at NYLIM and director of Candriam.

“The record growth that Candriam has experienced since our acquisition of the firm in February 2014 and the position it has achieved as a leading asset manager on the European stage have been achieved under Naïm’s guidance,” said Hung.

“With the engagement of Jeff and in welcoming John, I have every confidence that we have the right team in place to fulfill our vision to further develop our global asset management presence and deliver our global capabilities, particularly in Europe and Asia.”

NYLIM has $330 billion in assets under management.