Taiwan Life Insurance Co (台灣人壽) has inked a deal to sell a 60 percent stake in its asset management unit to a larger South Korean firm, Mirae Asset Global Investments Co, in the hope the alliance will boost its know-how, scale and earnings, the insurer said in a statement yesterday.
Taiwan Life Insurance chairman Chu Ping-yu (朱炳昱) signed the agreement with his counterpart from the South Korean fund -manger, Park Hyeon-joo, in Taipei on Wednesday.
Under the pact, Taiwan Life Insurance is to concede 20.22 million shares in TLG Asset Management Co (台壽保投信) to Mirae Asset at NT$15 per share, or a deal valued at NT$303.3 million (US$10.54 million), the statement said.
The transaction will lower Taiwan Life Insurance’s stake in the domestic fund manager to 29.2 percent from the current 89.22 percent.
Mirae Asset, created in 1997 and headquartered in Seoul, is one of Asia’s largest asset managers and one of the leading equity investors in emerging markets, with assets sized at US$54.1 billion, the statement said.
“The alliance will allow TLG Asset to introduce Mirae Asset’s advanced know-how,” a Taiwan Life official said by telephone. “The two sides will forge closer cooperation to benefit mutual operations and earnings.”