Nomura Asset Management Co. is partnering with a group of investors to buy ING Group's Taiwanese money manager business, ING Securities Investment and Trust Co. Ltd., Taiwan, according to a Nomura news release.
The money manager, a wholly owned subsidiary of Nomura Holdings, has partnered with a group led by Ashwin Mehta, the former CEO of ING Securities Investment and Trust Co., to buy the $7.1 billion unit. The acquisition is subject to regulatory approval.
“This acquisition is part of our ongoing expansion in Asia and represents a very important opportunity for us to enter the Taiwanese market, one of the leading mutual fund markets in Asia,” said Toshihiro Iwasaki, CEO of Nomura Asset Management, in the release.
The deal is expected to close in the second quarter 2014.
The sale relates to ING's strategy to divest its insurance and investment businesses, confirmed a spokeswoman for ING.
A spokeswoman for Nomura was not available at press time.