Japan Post Insurance, Daiwa Securities Group tie up in asset management

Daiwa Securities

15/05/2024 04:07

TOKYO, May 15 (Reuters) - Japan Post Insurance  7181.T 
and Daiwa Securities Group  8601.T  signed a
capital-and-business agreement to 
cooperate in the asset management field, with the insurer taking
a 20% stake in Daiwa's unit, the companies said on Wednesday. 
    Daiwa Asset Management will issue new shares to Japan Post
Insurance, while Daiwa Securities will retain the remaining 80%
stake, the three companies said in a joint statement.
    Japan Post Insurance will entrust the Daiwa subsidiary with
the management of assets, they said.
    After years of economic stagnation, the Japanese government
is aiming to turn trillions of dollars' worth of savings at
Japanese households into investments in stock markets, spurring
competition among asset managers.

 (Reporting by Chang-Ran Kim; Editing by Subhranshu Sahu)
 ((ran.kim@thomsonreuters.com; +81-3-4520-1228;))