Nippon Life to take stake in Russell

Reuters Tokyo- Japan’s Nippon Life Insurance plans to invest about 30 billion yen ($282 million) in Russell Investments and form a business alliance with the U.S. investment and index group, sources familiar with the matter said.

Nippon Life, Japan’s top life insurer with about 46 trillion yen of assets, hopes the tie-up will help it bolster its ability to manage a broader range of assets including emerging market shares, the sources said, speaking on condition of anonymity.

Russell Investments is headquartered in Tacoma, Washington, and is a subsidiary of Northwestern Mutual Life Insurance Co. It had $211 billion of assets under management as of June 30, according to its website.

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