Japan Life Insurance Giant Dai-ichi Life to Buy 15% in UK M&G with $465 Billion AUM & Announced Strategic Partnership in Asset Management & Life Insurance, M&G Becomes Preferred Asset Management Partner for Dai-ichi Life HD in Europe
31st May 2025 | Hong Kong
Japan life insurance giant Dai-ichi Life has announced to buy 15% in UK M&G with $465 billion AUM, and forming strategic partnership in asset management & life insurance. M&G will become the preferred asset management partner for Dai-ichi Life HD in Europe. Announcement: “Dai-ichi Life Holdings, Inc. (“Dai-ichi Life HD”) and M&G today announce a new long-term strategic partnership across asset management and life insurance. In recognition of M&G’s compelling investment case and growth potential, Dai-ichi Life HD intends (subject to regulatory approvals) to acquire a shareholding of c.15% in M&G plc, creating significant alignment to capture long-term value creation opportunities across an array of strategic initiatives. Dai-ichi Life HD intends to acquire this stake via on-market purchases with no change to M&G’s issued share capital. Subject to certain conditions having been met, Dai-ichi Life HD will have the right to appoint a director to the Board of M&G plc for as long as it holds at least a 15% shareholding in M&G plc. M&G, one of the leading international active asset managers and asset owners, will become Dai-ichi Life HD’s preferred asset management partner in Europe. This strategic partnership will be focused on growth, distribution and product development opportunities, with the goal of delivering substantial new business flows for both Dai-ichi Life HD and M&G. Consistent with M&G’s strategy to deliver asset management and international growth, the strategic partnership with Dai-ichi Life HD will accelerate M&G’s expansion in European private markets, while opening new potential sources of business flows in Japan and across Asia. M&G expects the partnership to drive improved long-term new business flows and to support growth in Adjusted Operating Profit. M&G will support Dai-ichi Life HD’s access to public and private markets capabilities in Europe, for Dai- ichi Life HD’s own investment requirements as well as the needs of its customers. Dai-ichi Life HD highly values the strong life insurance capabilities of M&G and, as part of the partnership, will work closely with M&G to enhance its own expertise in bulk purchase annuities.” Earlier in 2025 May, Dai-ichi Life has announced to buy an additional 10.3% stake in UK alternative asset manager Capula Investment Management & Capula Management ($31.8 billion AUM), increasing shareholding to 15% from 4.7%. Capula flagship fund Global Relative Value Master Fund is the world’s largest fixed income arbitrage fund with average +8.29% return since inception in 2005. Capula was founded in 2005 by Yan Huo & Masao Asai.
” Japan Life Insurance Giant Dai-ichi Life to Buy 15% in UK M&G with $465 Billion AUM & Announced Strategic Partnership in Asset Management & Life Insurance, M&G Becomes Preferred Asset Management Partner for Dai-ichi Life HD in Europe “
Tetsuya Kikuta, President and CEO of Dai-ichi Life HD: “Dai-ichi Life Holdings is delighted to enter into a strategic alliance with M&G, a highly regarded global player in the insurance and asset management industries, to collaborate and develop capabilities together in multiple areas, especially in Europe. We see our partnership with M&G acting as a spearhead to develop our presence across Europe and the UK, accelerating our strategy to become a global top-tier insurance group. M&G possesses not only a reputable and long-established life insurance business, but comprehensive asset management solutions in both public and private markets. With this alliance, we are bringing together our respective capabilities to create a mutually beneficial partnership that will create value over the long-term.”
Andrea Rossi, Group CEO of M&G: “The strategic partnership with Dai-ichi Life Holdings and the associated c.15% investment is recognition of M&G’s strengths and clear confidence in our leadership, strategy and long-term prospects. It brings together two highly complementary international businesses with shared growth ambitions who aim to deliver excellent client service and sustainable shareholder returns. It will enable us to further capitalise on the significant private market opportunities across Europe and enable even greater access to the Japanese and Asian market where we will benefit from Dai-ichi Life Holdings market-leading expertise.”
M&G – M&G is a leading international savings and investments business, managing money for around 4.5 million retail clients and more than 900 institutional clients in 39 offices worldwide. As at 31 December 2024, we had £345.9 billion of assets under management and administration. With a heritage dating back more than 170 years, M&G has a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions. We serve our retail and savings clients under the M&G and Prudential brands in the UK and Europe, and under the M&G Investments brand for asset management clients globally.
Japan Life Insurance Giant Dai–ichi Life Buys Additional 10.3% Stake in $31 Billion UK Alternative Asset Manager Capula Investment Management & Capula Management Increasing Shareholding to 15% from 4.7%, Flagship Fund Global Relative Value Master Fund is World Largest Fixed Income Arbitrage Fund with Average +8.29% Return Since Inception in 2005, Founded in 2005 by Yan Huo & Masao Asai
13th May 2025 – Japan life insurance giant Dai-ichi Life has announced to buy an additional 10.3% stake in UK alternative asset manager Capula Investment Management & Capula Management ($31.8 billion AUM), increasing shareholding to 15% from 4.7%. Capula flagship fund Global Relative Value Master Fund is the world’s largest fixed income arbitrage fund with average +8.29% return since inception in 2005. Capula was founded in 2005 by Yan Huo & Masao Asai. Announcement (12/5/25): “Dai-ichi Life Holdings, Inc. (the “Company”; President: Tetsuya Kikuta) hereby announces that it has decided to make an additional investment of approximately 10.3% (the “Investment”) in Capula Investment Management LLP and Capula Management Limited (collectively, “Capula”), a leading UK-based alternative management firm with world-class expertise in fixed-income arbitrage, crisis alpha and global macro strategies.The Dai-ichi Life Insurance Company, Limited (“DL”), a wholly-owned subsidiary of the Company, already holds approximately a 4.7% stake in Capula. As a result of this Investment, the combined equity interest of the Company and DL will be 15%. Following the appointment of a Board of Partners member from the Company to Capula, Capula will become an equity-method affiliate of the Company … … The Company has been exploring inorganic growth opportunities in the capital-light asset management business, with the aim of achieving a group corporate value of JPY 10 trillion and a profit target of JPY 600 billion by 2030. The Company anticipates that its 15% stake in Capula will generate equity income of approximately JPY 5 billion in FY2025. The Investment is expected to contribute to the further growth of the Company’s asset management business through the diversification of business risks and the synergy created by jointly developing products.” Profile – Capula is an alternative asset management company established in 2005 by co-founders Yan Huo and Masao Asai. As of the end of 2024, its assets under management (AUM) totaled USD 31.8 billion (approximately JPY 4.8 trillion). Capula is headquartered in London, UK, with additional offices in Japan, the United States, Hong Kong, and Singapore, employing a total of 408 executives and staff, including 142 investment professionals. Capula has strengths in fixed-income arbitrage strategies. Its flagship fund, the Global Relative Value Master Fund (“GRV”), is the world’s largest fixed-income arbitrage fund and has delivered some of the best investment results in the industry, with an average annual return of 8.29% and a Sharpe ratio of 2.47 since its inception in 2005. Capula and the Company have built a strong mutual understanding through DL’s investments in Capula funds since 2014 and in Capula itself in 2018. The relationship has also been strengthened through non-investment collaborations, including trainee programs.”
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