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WEALTH MANAGEMENT | Cesar Tordesillas, Japan
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Dai-ichi buying stake in U.S. fund firm Janus Capital

Dai-ichi Life will buy a stake of up to 20 percent in U.S. asset manager Janus Capital Group.

 

This is the latest move by a Japanese financial company to counter slowing growth at home by expanding overseas.

Dai-ichi and Janus said that the Japanese company would acquire more than 15 percent but up to a maximum 20 percent of Denver-based Janus within a year from the market and by exercising stock options.

Janus has sold to Dai-ichi conditional options for the Japanese company to buy up to 14 million shares of Janus. The U.S. fund firm will buy back its shares to offset the share dilution from that transaction.

The deal could give a boost to Janus, a fabled stock fund manager of the 1990s that has lost its shine in the past decade after being involved in an industry wide mutual fund trading scandal and after suffering outflowsfrom its funds over the past several years.

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