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Dai-ichi Life buys 39.62% stake in Union Asset Management Co

Press Trust of India  |  Mumbai 

State-run Union of India today said Japanese Life has bought 39.62 per cent stake in Union Asset Management Company, for an undisclosed amount, through investment in compulsorily convertible preference shares.

would now be co-sponsored by Union of India and Life.

"This partnership would bring synergy for strong capital base, future business growth and efficient corporate governance," the said in a statement today.

With this investment, Life would appoint one on the board of

There will be no change in the key personnel or the existing fund management team, the bank said.

There will also be no change in the name of Union AMC, or of the schemes of Union Mutual Fund, it added.

Union AMC, which is operating in the country since 2011, had a total average assets under management (AAUM) of Rs 4,163 crore as of April.

Union Bank already has a life insurance joint venture with Dai-ichi Life and called Star Union Dai-ichi Life Insurance Company, in which the bank holds 26 per cent, Dai-ichi Life 44 per cent, while Bank of India owns the remaining 30 per cent.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 15:35 IST