Freshfields has advised M&G plc on the entry into a long-term strategic partnership across asset management and life insurance with Dai-ichi Life Holdings, the largest listed life insurance company in Japan. Dai-ichi Life intends to acquire a c.15% shareholding in M&G.

Under the terms of the arrangement, M&G will become Dai-ichi’s preferred asset management partner in Europe. The strategic partnership will be focused on growth, distribution and product development opportunities, with the goal of delivering substantial new business flows for both M&G and Dai-ichi. The partnership is expected to generate at least $6 billion in new business flows into funds managed by M&G over the next five years, of which at least $3 billion is intended to be in M&G’s market-leading high-alpha strategies across public and private markets.

The M&G legal team was led by General Counsel Charlotte Heiss, Group Legal Director Robyn Butler-Mason and M&A Legal Counsel Georgina Burrow.

The Freshfields team was led by M&A partners Claire Wills and Michael Black, with partner Piers Prichard Jones, senior associate Bethan Rodden and associates Ciara Cosgrave and Miya Modhvadia. Partners Martin McElwee and James Smethurst advised on financial regulatory and antitrust and competition matters respectively.