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Japanese giant takes stake in $200bn US AM firm

Japanese giant takes stake in $200bn US AM firm

Nippon Life Insurance Company has announced a ‘strategic investment’ in fixed income specialist asset manager TCW Group, with the Japanese firm becoming a minority shareholder.

The move sees Nippon Life acquire a 24.75% stake in the Los Angeles-headquartered company from private equity firm The Carlyle Group.

Carlyle maintains a 31/18% stake in the company, which has $200 billion in assets, while TCW employee ownership has risen to 44.07% as a result of the deal.

TCW is home to several high profile fund managers running Ucits-compliant funds, including Citywire + rated Tad Rivelle and Bryan Whalen.

In a media statement, TCW said the deal would not affect the philosophy or investment focus of the company. The financial terms of the transaction have not been disclosed.

Commenting on the deal, David Lippman, TCW's president and chief executive officer, said Nippon Life would be a good fit for the company, as it will maintain strong employee ownership and allow Carlyle Group to remain as a shareholder.

The transaction is subject to certain required approvals and is expected to be completed by the end of 2017.

Nippon Life, which has revenues of $47.6 billion, becomes the latest major Japanese firm to gain a foothold in the international asset management industry. Robeco was purchased by Tokyo-based ORIX back in February 2013.

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