Generali Buys Conning, Enters Long-Term Partnership With Cathay Life
July 06 2023 - 9:37AM
Dow Jones News
By Cecilia Butini
Assicurazioni Generali said Thursday that it has acquired asset
manager Conning Holdings from Cathay Life and has entered into a
partnership with the latter.
The Italian insurer said the acquisition will increase its
assets under management to $845 billion and reinforce its Asset
Management division's strategy. Asset Management will become a
global provider of investment solutions with a combined platform of
$709 billion in assets under management, according to Generali.
Cathay Life will become a minority shareholder of Generali
Investments Holding, which includes the majority of Generali's
asset management activities, the insurer said.
Cathay Life is expected to hold 16.75% of the share capital of
Generali Investments Holding at the closing of the transaction.
Cathay Life will then enter into an asset-management agreement with
Generali for a minimum of ten years, the company said.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
July 06, 2023 10:22 ET (14:22 GMT)
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