Nippon Life Insurance will buy a 24.75% stake in US asset manager TCW Group to bolster its investment in overseas assets, including bonds, AFP reported. According to a statement released on Friday, the Japanese life insurer will purchase TCW shares from US fund manager Carlyle Group. Although Nippon Life declined to disclose the purchase price, the stake is worth an estimated 55 billion yen ($489 million). Los Angeles-based TCW excels in managing assets comprising government and corporate bonds, Nippon Life said. The US company had assets under management of $191.6 billion at the end of 2016.
