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Japan's MS&AD to invest $400m in Australian pension giant Challenger

Tokyo-based group seeks to grab piece of growing superannuation pie

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Workers stroll among the office towers Sydney's Barangaroo business district.   © Reuters

TOKYO -- MS&AD Insurance Group Holdings will spend 44 billion yen ($401 million) to acquire a 6%-plus stake in Challenger, a leading player in Australia's fast-growing superannuation industry.

Sydney-based Challenger offers retirement-focused insurance and asset management services. It boasts a roughly 50% share of Australia's superannuation market by sales, leading its closest rival by a margin of more than 2-to-1.

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