Dai-ichi Life has acquired 39.62% stake in Union Asset Management Company, via investment in compulsorily convertible preference shares. However, the amount of cash consideration has not been disclosed.

Union Bank of India stated, “This partnership would bring synergy for strong capital base, future business growth and efficient corporate governance.” It also stated that, there will be no change in the key personnel or the existing fund management team.

Furthermore, with this acquisition Dai-ichi Life would appoint one nominee director on the board of Union AMC and there will be no change in the name of Union AMC, Union Mutual Fund or of the schemes of Union Mutual Fund.

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