Nippon Life says to take 5 pct stake in Russell

TOKYO, July 23 (Reuters) - Japan's Nippon Life Insurance said on Wednesday that it would take a 5 percent stake in U.S. fund and index group Russell Investments.

Nippon Life, Japan's top life insurer with about 46 trillion yen of assets, also said it would form a business alliance with Russell Investments parent Northwestern Mutual Life Insurance Co.

Reuters had reported on Tuesday that Nippon Life would invest about 30 billion yen in Russell Investments and form a business alliance with the company. [ID:nT267135] (Reporting by Taro Fuse)