The Dai-ichi Life Insurance and Janus Capital have inked a deal, pursuant to which the Japanese insurer will acquire 15-20% stake in Janus, in an open market purchases and potentially through the exercise of conditional options issued to Dai-ichi Life by JCG.
In accordance with the deal and stake purchase program, both firms agreed to form a strategic partnership that will help them to grow in their respective business segment.
Dai-ichi Life will give its support to JCG’s distribution program in Japan and will infuse $2bn of its general account assets with JCG, including seed capital for JCG investment strategies.
As part of the agreement, JCG sold Dai-ichi Life a series of conditional options to purchase, in aggregate, up to 14,000,000 shares of JCG’s common stock.
It is anticipated that after the acquisition of the minority stake, Dai-ichi Life will nominate a representative in JCG’s board of directors.
Janus Capital chief executive officer Richard Weil said, "Dai-ichi Life has a 110-year history of client service excellence, and our alliance represents a substantial leap forward in the development of our business in the Asia-Pacific region."
Based in Denver, JCG managed $152.4bn in assets for shareholders, clients and institutions around the globe, at the end of June 2012.