December 1, 2017 / 7:27 AM / a year ago

Nippon Life says it will buy 25 pct stake in U.S. asset manager TCW

TOKYO, Dec 1 (Reuters) - Japan’s biggest private-sector life insurer Nippon Life Insurance Co said on Friday it will buy a 24.75 percent stake in U.S. investment company TCW Group from Carlyle.

The terms of the deal were not disclosed but a source with direct knowledge of the matter said Nippon Life is paying about 55 billion yen ($488.37 million) for the stake.

The deal is part of broader push by Nippon Life and other Japanese financial institutions to build up scale in asset management business, which they see as a promising growth driver amid persistently low interest rates and stricter capital regulations. ($1 = 112.6200 yen) (Reporting by Taiga Uranaka; Editing by Muralikumar Anantharaman)

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