The team at Ausbil will remain intact, with Paul Xiradis continuing in his role as chief executive, while New York Life Investments co-president and chairman Yie-Hsin Hung will become chairman of the board of directors of Ausbil. 

Ms Hung said Ausbil is a natural fit within the boutique model of New York Life Investments and that the company looks forward to partnering with a group with a strong investment history. 

“With the backing of New York Life, Ausbil has the opportunity to even better meet the needs of its clients with innovative products, strong performance, meticulous risk management and substantial resources, and do what it does best - being an excellent investment partner to its clients,” said Ms Hung.

Mr Xiradis said there will be no operational change at Ausbil.

“We will maintain our independence and autonomy while enhancing our ability to strategically grow our business and continue providing the excellence we have become known for,” said Mr Xiradis. 

He said he was pleased the company will continue to operate under the same name, Ausbil. 

“There is tremendous brand equity in this name - now more than ever it stands for the continuity of our business, which is hugely important to our culture, our staff and our clients,” he said. 

"Over the medium term, we will also be looking across the suite of New York Life Investments' boutique offerings for high quality, relevant capabilities to introduce to the Australian market.”