T&D To Join Bidders For Nikko Asset

T&D Holding Inc, the parent company of Taiyo Life and Daido Life, has bid for Nikko Asset Management Co.(Aum:$90 billion), Citigroup's fund management arm in Japan, offering more than $1.05 billion, according to the Nikkei. The T&D group has been aiming to expand its asset management business in the past few years. Sumitomo Mitsui Financial Group and Nomura Holdings Inc group are said to be among other bidders.