Tokyo-based Orix Corp is acquiring a
majority stake in MIG Holdings, the parent firm of $11.7 billion US hedge fund
Mariner Investment Group, in a deal that will give the Japanese financial
services conglomerate an entry into the US asset management sector.
Orix, which has operations across banking,
real estate, brokering and equipment leasing, did not disclose the financial
terms of the agreement, although Japanese media valued the deal at $184
million. New York-based Mariner would gain exposure and capital from Asia
through the agreement, which will see the firm’s partners sell a portion of
their shares to Orix, although they will maintain a significant stake.