In a bold cross-border move, Japan’s Dai-ichi Life has committed to a $8 billion strategic collaboration with British asset management firm M&G plc by acquiring a 15% equity stake. The agreement signifies a milestone for both companies and reflects a broader push for regional diversification and co-investment opportunities in the global financial sector.
The deal, which involves Dai-ichi becoming M&G’s largest shareholder via open-market share purchases, aims to generate $6 billion in new flows into M&G’s actively managed investment products over the next five years. In turn, M&G will support Dai-ichi with $2 billion in product access and co-managed portfolios, creating a robust two-way pipeline.
With Dai-ichi naming M&G its preferred European asset manager, the partnership paves the way for M&G to grow in Asian markets—particularly Japan, which has proven difficult for European asset managers to penetrate.
The companies are exploring further cooperation in life insurance, joint product development, and private market investments. Dai-ichi is also securing governance input through a board seat at M&G, though it has committed to a 2-year lock-up and won’t exceed a 19.99% stake.
“This partnership is about co-creating the next chapter of international finance,” said Andrea Rossi, CEO of M&G. “It gives us access to one of the most stable and strategic institutional investor bases in the world.”
Industry analysts say the deal is another example of Japan’s insurers actively diversifying overseas as they seek returns outside a low-interest domestic market and rising inflation.
