Dai-ichi Life Holdings Inc., a Japan-based financial services holding company has acquired 39.62% stake in Union Asset Management Company.
The entity acquired the stake through investment in compulsorily convertible preference shares. Union Mutual Fund would now be co-sponsored by Union Bank of India and Dai-ichi Life, according to the bank, which added Dai-ichi Life would appoint one director on the board of the fund house, whose total average assets under management for April was ₹4,163 crore.