Ashmore shares up as signs strategic partnership deal with Japan Post
Ashmore Group PLC on Tuesday announced a strategic partnership with Japan Post Insurance Co Ltd which could see the Japanese life insurer take an up to 2.9% stake in the London-based firm.
Asset manager Ashmore said the pact aims to capitalise on the growth opportunity in emerging markets.
Through the partnership Japan Post Insurance initially intends to invest $1 billion into a range of Ashmore managed emerging market funds, in addition to JPI’s assets currently under management by Ashmore.
Ashmore will be JPI’s strategic partner in emerging market asset classes, with the potential for longer-term collaboration and additional capital allocations over time.
It is envisaged that JPI will acquire up to a 2.9% equity stake in Ashmore through open-market purchases.
In response, shares in Ashmore rose 5.8% to 209.60 pence each in London on Tuesday morning.
Ashmore said the deal reinforces its commitment to Japan, a key market in which Ashmore has operated since 2010.
‘Japan Post Insurance’s additional investments will promote Ashmore’s growth across a range of emerging market asset classes including emerging market fixed income, emerging market impact debt and listed emerging market equities,’ the company added.
Ashmore Chief Executive Mark Coombs said: ‘This new strategic partnership reflects the strength of our relationship, Japan Post Insurance’s commitment to deploy additional capital in the broad range of attractive emerging market asset classes and our shared commitment to work closely and grow together.’
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