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Hedge Funds

Mitsubishi Corp. sells 5% stake in hedge fund Capula to Dai-Ichi Life

Mitsubishi Corp. sold the 5% stake in London-based fixed-income-focused hedge fund Capula Investment Management it acquired in late 2008 to Dai-Ichi Life Insurance Co.

Financial details of the sale weren't disclosed.

A Tokyo-based spokesman for Mitsubishi said Thursday that the sale reflects a decision to focus the company's resources on core areas, such as real estate and logistics.

Jonathan Gasthalter, a New York-based spokesman for Capula Investment Management, declined to comment. A spokesman for Dai-Ichi Life didn't respond immediately to emailed questions.

At the time of Mitsubishi's October 2008 announcement that it would buy a stake in Capula, the hedge fund had $4.1 billion in assets under management. Just less than a decade later, Capula's AUM is roughly $13 billion.