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Japan based financial services company, Dai-ichi Life Holdings invested 39.62 per cent of the share capital of Union Asset Management Company Pvt. Ltd through investment in Compulsorily Convertible Preference Shares. With this investment, Dai-ichi Life forays into Indian Asset Management business and would appoint one nominee director on the board of Union AMC. Union Mutual Fund would now be co-sponsored by Union Bank of India and Dai-ichi Life.
Union AMC is operating in India since 2011. The total average assets under management as on April 2018 was at Rs. 4,163 crore.
Dai-ichi Life is a financial services holding company engaged in carrying out both insurance and non-insurance (including asset management) business through various subsidiaries and affiliated companies. It is a listed company, incorporated under the laws of Japan in 1902 and listed on Tokyo Stock Exchange.
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