Meiji Yasuda to buy Man Group stake in asset management push

Meiji Yasuda Life Insurance is taking a stake in the U.K.’s Man Group, marking its first major investment in an overseas asset manager. The Japanese insurer plans to acquire 5% of Man Group, the world’s largest publicly traded hedge fund, Meiji Yasuda said in a statement on Monday, a stake that is valued at about £179 million ($239 million) based on the closing price on Oct. 23. It also aims to entrust ¥200 billion ($1.3 billion) with the London-based firm over the next three years.

Man Group shares jumped as much as 4.9% in early London trading, the biggest intraday gain in more than a month.