Japan's Dai-Ichi Life to take 15% stake in UK's M&G as part of strategic deal
M&G said on Friday it has formed a strategic partnership with Dai-Ichi Life Holdings in which the Japanese life insurer plans to take a 15 per cent stake in the British insurer and asset manager.
The partnership is expected to deliver at least $6 billion of new business flows for M&G and $2 billion of new business flows for Dai-ichi Life over the next five years, it said.
M&G said it would become Dai-ichi Life's preferred asset management partner in Europe as part of the deal.
Dai-ichi Life will have the right to appoint a director to the board of M&G for as long as it holds at least a 15 per cent shareholding, the British firm said.
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