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Japan's Dai-ichi Life buys 39.62% stake in India's Union Asset Management

Japan-based Dai-ichi Life Holdings Inc. has acquired a 39.62% stake in Union Bank of India unit Union Asset Management Co. Pvt. Ltd.

The Japanese company bought the stake through an investment in the asset manager's compulsorily convertible preference shares. The financial details of the transaction were not disclosed.

Following the acquisition, Union Mutual Fund will be co-sponsored by Union Bank of India and Dai-ichi Life, according to a May 17 press release. Dai-ichi Life will also be able to appoint a nominee director on the asset manager's board.

The move marks Dai-ichi Life's entry into the Indian asset management business.