Cathay acquires investment manager
Cathay Financial Holding has acquired global investment manager Conning Holdings from funds managed by Aquiline Capital Partners and other shareholders for up to £240 million.
Through its subsidiary Cathay Life Insurance, Cathay has held a minority stake in Conning since 2011. The transaction is expected to close in the second half of 2015.
Conning will operate as an independent company within the Cathay group and be governed by its own board of directors. Conning will be led by its current president and chief executive officer (CEO), Woody Bradford, and the existing global management team.
In Asia Pacific, Cathay Conning Asset Management, a joint venture between Conning and Cathay, will remain a core part of Conning’s strategy, providing global investment and advisory solutions from its offices in Hong Kong.
“This transaction is good for Conning’s clients and employees, as well as the long-term strategy of our company,” said Bradford. “Cathay supports the continuation of our firm’s client-focused culture and service model and will provide additional resources to accelerate our business plans and further enhance the value proposition for our clients.”
“Cathay has been a client, shareholder and strategic partner of Conning since 2011,” said Hong-tu Tsai, chairman of Cathay. “We are excited to broaden our relationship with Conning and support the leadership team as they continue to build the business, both organically and through acquisitions, across markets in Asia, Europe and North America.”
Jeff Greenberg, CEO of Aquiline, added: “We have enjoyed partnering with Conning over the last five years, are very pleased with this transaction, and look forward to continuing to work with both Cathay and Conning. We have great respect for the Cathay organisation and believe that they are an ideal owner for Conning.”
