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Nippon Life to make Nissay Asset Management fully owned unit

Japan's Nippon Life Insurance Co. will acquire all the shares it does not hold in 90%-owned unit Nissay Asset Management Corp. from Great-West Lifeco Inc. unit Putnam Investments, making it a wholly owned subsidiary.

The move will help Nippon Life reinforce and expand its asset management business, according to a Feb. 1 statement. Nissay Asset Management will continue to develop and supply products through its business alliances with Putnam and PanAgora.

Meanwhile, Putnam will acquire the 20% stake in PanAgora Asset Management Inc. held by Nippon Life.

Nippon Life and Putnam established a business alliance in 1997 to enhance their investment capabilities in foreign securities.