Generali grows in Asia: acquisition of Conning Holdings
Generali grows in Asia with the acquisition of Conning Holdings Limited, among the leading global asset managers dedicated to insurance and institutional clients, by Cathay Life, a subsidiary of Cathay Financial Holdings, one of the largest financial institutions in Asia. “Following the contribution of Conning Holdings Limited to Generali Investments Holding”, reports a note, “Cathay Life will become a minority shareholder of Gih and will launch a broader partnership with Generali, with the aim of supporting Gih’s ambitions of strategic growth of the Group in the global asset management business“.
Conning and its subsidiaries, the release notes, are among the leading asset management companies globally dedicated to insurance companies and institutional clients with approximately 157 billion dollars (144 billion euros) of Aum. The scope of operations includes Conning (fixed income instruments for insurance and institutional clients), Octagon Credit Investors (bank loans, Clo and alternative credit), Global Evolution (emerging markets debt) and Pearlmark (debt and equity for real estate ). As part of Generali’s asset management ecosystem, Conning and its subsidiaries will continue to be led by the current management teams and by Woody Bradford, Chief Executive Officer and Chairman of the Board of Conning Holdings Limited. This, underlines the note, will guarantee the stability and continuity of the management teams, the levels of customer service and the investment strategy. Bradford will also oversee initiatives to facilitate effective collaboration, in business areas such as distribution, within the Group ecosystem, in line with Generali’s senior leadership. Conning and its subsidiaries will also benefit from best practices in asset management and Generali’s operational and risk framework.
“Generali’s asset management business“, sthe note continues, “it will benefit from the entry of Conning and its consolidated institutional and insurance clientele of subsidiaries in the United States and Asia: it will therefore be in the best position to expand the third-party business in key markets worldwide globally, exploiting the synergies between the two companies in terms of investment capacity and distribution strength”. The acquisition, in line with Generali’s “Lifetime Partner 24: Driving Growth” plan, will strengthen the Group’s strategy in asset management, which aims to develop a global leader in offering investment solutions, creating a single platform with $709 billion (€650 billion) of Aum, complemented by diversified and high-quality expertise in fixed income, structured and corporate credit, emerging market debt and private real estate . As a result of the acquisition of Conning and its subsidiaries, the Group’s total assets under management will increase to $845 billion (775 billion euros).
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