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Rating:Dai-ichi Already Doing Well with Janus Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 19, 2012

Dai-ichi Already Doing Well with Janus

Reported by Sean Hanna, Editor in Chief

Those looking for the hard numbers on Janus' sale of a minority stake to Japan's Dai-ichi Life Insurance now have a little more detail. [MFWire, Aug. 10, 2012]

On Wednesday the Japanese insurance company filed a disclosure with the SEC that reveals it purchased 20.4 million shares of Janus [profile]. Make that 20,407,969 shares to be exact.

That stake would be worth just under $189 million based on Janus' stock price on Wednesday.

Janus' shares traded hands at between $9.13 and $9.30 per share Wednesday. They opened at $8.81 on the day the deal was announced. By the end of that day, they hit $9.12 a share.

For its money, Dai-ichi now controls 10.1 percent of Janus shares. The two firms will jointly market Janus' asset management services in Japan as part of the deal through DIAM Asset Management. Dai-ichi also tapped Janus to advise on $2 billion of its existing client assets.  

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