Italian insurance major Generali has signed a deal to acquire Conning and its affiliates from Cathay Life, a unit of Taiwanese entity Cathay Financial.
As part of the agreement, which has no cash component and is set up as an asset exchange, Cathay Life will acquire a 16.75% stake in Generali Investments Holding (GIH), which comprises the majority of Generali’s asset management operations.
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Cathay Life and Generali have also signed a ten-year asset management agreement.
With more than $157bn (€144bn) in assets under management (AUM), Conning and its affiliates cater to the asset management needs of insurance companies and other institutional clients.
The business comprises Conning, Octagon Credit Investors, Global Evolution, and Pearlmark.
Through the acquisition, Generali Asset Management hopes to bolster operations in the US and Asian markets.
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By GlobalDataFollowing the acquisition of Conning and its affiliates, Generali Group’s total AUM will be $845bn (€775bn).
Generali Group CEO Philippe Donnet said: “Through the acquisition of Conning and the long-term partnership with Cathay Life, we will enhance our asset management capabilities, strengthen our footprint in the key US and Asian markets, and create a platform to deliver on our broader asset management strategic ambitions in order to maximize value for all stakeholders, including Generali’s insurance business.”
Conning CEO and chair of the board Woody Bradford said: “This is a highly complementary business combination that presents exceptional long-term opportunities for Conning and its affiliates – maintaining our firm’s ability to provide performance and service to our clients while extending our global investment capabilities.
“We believe this transaction provides stability for our clients and employees, maintains continuity of leadership and strategy, and will generate new collaboration opportunities with Generali and its affiliates to strengthen both firms.”
The transaction is expected to close in the first half of 2024, subject to customary closing conditions and regulatory approval.
