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Dai-ichi Life picks up stake in Union AMC

Japanese life insurance company Dai-ichi Life Holdings has acquired a stake in Union Asset Management Co, a mutual fund unit of Union Bank of India. The life insured has picked up 39.62% stake in the firm. Union Bank said in a statement that Dai-ichi Life has invested in compulsorily convertible preference shares of the subsidiary company. The firm will now be co-sponsored by Union Bank of India and Dai-ichi Life Union Bank of India said the partnership would bring synergy for a strong capital base, future business growth and efficient corporate governance. Dai-ichi Life can appoint one nominee director on the board of Union AMC. Union AMC has been operational since 2011. It had an AUM Rs 4,163 crore across differentiated product categories at the end of March 2018.

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