Japanese insurer Dai-ichi Life has picked up 39.62% stake in Union AMC.
In the past, Dai-ichi Life had partnered with Union Bank in setting up insurance business in India along with Bank of India. Dai-ichi Life is listed on the Tokyo Stock Exchange. It is a financial services holding company engaged in carrying out both insurance and non-insurance (including asset management) business.
Union AMC is operating in India since 2011. The total average assets under management of Union Mutual Fund for April 2018 stands at Rs 4,163 crore.
With this investment, Dai-ichi Life would appoint one nominee director on the board of Union AMC. There will be no change in the key personnel or the existing fund management team. There shall also be no change in the name of Union AMC, Union Mutual Fund or of the schemes of Union Mutual Fund.
