Conning to acquire Octagon Credit Investors
Asset manager Conning has agreed to acquire Octagon Credit Investors, a manager of specialised credit asset classes.
Following the closing of the transaction, Octagon will operate as a subsidiary of Conning.
Based in New York, Octagon has more than 20 years of experience investing in below-investment grade markets and manages $12.8 billion in assets through its CLOs, separate accounts and commingled fund offerings on behalf of insurance companies, banks, pension funds and asset managers.
Andy Gordon will continue as Octagon’s chief executive officer, and the firm’s existing investment and business teams will remain in place.
Woody Bradford, chairman and chief executive officer of Conning, said: “This transaction is a natural extension of Conning’s capabilities and provides our clients with access to specialised floating and fixed income asset classes that have performed well through various market cycles.
“Conning and Octagon share a similar culture and investment philosophy that will benefit both firms and our clients. We look forward to partnering with Andy and the experienced Octagon team in pursuing new opportunities globally.”
Gordon added: "We are excited to join a leading, highly respected asset management firm that shares Octagon's collaborative culture, commitment to growth, and dedication to serving its clients.
"Partnering with Conning will not only provide Octagon with additional capital to meet regulatory risk retention requirements and strengthen our position as a leading US CLO manager, but will also help us develop and deliver a broader range of investment solutions to our collective global investor base. We look forward to working with Woody and the Conning team to position our business for continued growth."
