Japan's Mitsui Sumitomo & AD Insurance will acquire an 18% stake in American asset manager Barings for $1.44bn from parent company MassMutual.
Barings is the asset management subsidiary of MassMutual, one of the largest life insurers in the US. Barings has $470bn in assets under management.
As part of the strategic partnership, MS&AD will send a member from its leadership team to Barings’ board. The transaction is expected to close after customary closing conditions and approvals have been finalised.