Nippon Life Insurance Co. said Monday it has inked a deal with Germany's Deutsche Bank to acquire a 5 percent stake in the company's asset management unit.
The Japanese life insurer, hoping to boost its asset management business, is expected to invest around ¥40 billion ($375 million) in DWS Group GmbH & Co., which is likely to undergo an initial public offering on March 23.
Nippon Life, which has been a shareholder of Deutsche Bank since 1989, said it will also send a representative to be part of the new board of the Frankfurt-based company.
DWS Group offers various investment services and has business operations in 40 countries. As of the end of 2017, the company held assets worth around ¥95 trillion.