Generali buys U.S. asset manager Conning under deal with Cathay Life (updated)

Cathay Financial Holding

06/07/2023 15:24

(Adds details on stake taken by Cathay Life, Conning
management)
       MILAN, July 6 (Reuters) - Italian insurer Generali
 GASI.MI  said its asset management arm had agreed to buy
Connecticut-based rival Conning Holdings as part of a
partnership with Cathay Life, a unit of Taiwan's Cathay
Financial Holding  2882.TW .
    Generali said Cathay Life would become a minority
shareholder in Generali Investments Holding, which comprises the
majority of the group's asset management activities.
    In exchange for contributing Conning Holding, Cathay Life
will own 16.75% of Generali Investments Holding.
    Generali and Cathay Life will also enter an asset management
agreement for at least 10 years, it said.    
    Conning, which will retain its current management team led
by CEO Woody Bradford, has around $157 billion in assets under
management, serving insurance and institutional clients in the
United States and Asia.
        Under its latest strategic plan, Generali aims to expand
its asset management activities. 
  
        
  
        
  

 (Reporting by Gianluca Semeraro; writing by Valentina Za
Editing by Keith Weir)
 ((valentina.za@thomsonreuters.com; +39 02 6612 9526;))