Mumbai:
Japanese major Dai-ichi Life Holdings, Inc. (“Dai-ichi Life”) has picked up 39.62 per cent in Union Asset Management Company Pvt, a subsidiary of the state rurnUnion Bank of India..
With this investment, Dai-ichi Life forays into Indian Asset Management business and consequently, Union Mutual Fund would now be co-sponsored by Union Bank of India and Dai-ichi Life.
Dai-ichi Life will acquire the share capital of Union AMC through investment in Compulsorily Convertible Preference Shares.
The partnership with UBI began almost a decade back when Dai-ichi Life partnered with UBI and Bank of India.to form Star Union Dai Ichi Life Insurance.
UBI believes the experience that Dai-ichi Life has in asset management business would bring in best global business practices in asset management business for the mutual benefit. UBI believes that this partnership would bring synergy for strong capital base, future business growth and efficient corporate governance.
Dai-ichi Life is a listed company, incorporated under the laws of Japan in 1902 and listed on Tokyo Stock Exchange. It is a financial services holding company engaged in carrying out both insurance and non-insurance (including asset management) business through various subsidiaries and affiliated companies.
Dai-ichi Life carries out asset management business in Japan and overseas through its group company/affiliates, Asset Management One Co. Ltd. (“Asset Management One”) and the Janus Henderson Group. Asset Management One and Janus Henderson Group are global asset management companies that provide customers with high quality products and services.