M&G forges partnership with Japan’s Dai-ichi Life – Daily Business

M&G shares surged to the top of the FTSE 100 after it was announced that Japan’s Dai-ichi Life will take a stake in the investment manager.

The two firms have agreed a long-term strategic partnership which will see M&G become Dai-chi’s preferred asset management partner in Europe. The mutual insurer will acquire a shareholding of around 15% in M&G.

The partnership is expected to generate at least $6bn in new business flows into funds managed by M&G over the next five years, it said.

The two groups will collaborate on public and private markets, joint product development, and life insurance expertise—particularly in bulk purchase annuities. Strategic alignment and long-term value creation are at the heart of the agreement.

M&G’s CEO Andrea Rossi said the deal “recognises M&G’s strengths and clear confidence in our leadership and long-term prospects.”

After the first hour of trading, M&G shares were trading 7% higher.

M&G, which has a big presence in Edinburgh and Stirling, was formerly part of the Prudential Group.