Hermes Pensions Management purchased a 33% minority stake in Nissay Asset Management, the London-based unit of Nippon Life Insurance, from Deutsche Asset Management, said Charlie Metcalfe, Hermes deputy CEO. Terms were not disclosed. Nissay manages two European active equity funds with a total of nearly 700 million ($845 million) under management "made up largely of capital from Nippon Life in Japan," according to a news release from Hermes.
The purchase expands a relationship between Hermes and Nippon Life that stretches back at least five years, Mr. Metcalfe said. DeAM holds no other financial interest in Nissay.