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Generali Completes Acquisition of Conning and Associates From Cathay Life

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Generali introduced it has accomplished the acquisition of Conning Holdings Ltd. (CHL) and Conning associates from Cathay Life, a subsidiary of Taiwan’s Cathay Monetary Holdings.

The deal, which was first announced on July 6, 2023, has been structured as an trade of belongings with no money consideration. All shares of CHL have been transferred into Generali Investments Holding S.p.A. (GIH) in trade for newly issued shares. As well as, Cathay Life has change into a minority shareholder of GIH, with a stake of 16.751%, establishing a long-term partnership with Generali within the asset administration enterprise.

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The transaction fulfills Generali’s ambition of enhancing its world asset administration enterprise by strengthening its funding capabilities, rising its third-party shopper enterprise and increasing its presence within the U.S. and Asia, Generali mentioned.

The acquisition consists of Conning, targeted on insurance coverage and institutional mounted revenue, and its associates Octagon Credit score Buyers, (financial institution loans, collateralized mortgage obligations and specialty credit score); International Evolution (rising markets debt); and Pearlmark (debt and fairness actual property).

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Because of this transaction, the group’s complete belongings underneath administration will increase to US$887 billion (€803 billion).

“The acquisition of Conning and its associates permits us to proceed the profitable growth of a world and diversified asset administration ecosystem. We’ve got strengthened our capabilities with related high-quality funding expertise in U.S. and rising market mounted revenue, different credit score and U.S. actual property,” commented Carlo Trabattoni, Generali’s CEO Asset & Wealth Administration.

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“Generali is establishing a preeminent world asset administration agency, now one of many 10 largest asset managers in Europe, recognised for delivering constant funding returns and establishing enduring and trusted relationships with our shoppers,” he added.

Based in 1912, Hartford, Connecticut-based Conning and its associates present funding options, danger modeling software program, and trade analysis for insurance coverage corporations and institutional shoppers. Conning has funding facilities in Asia, Europe and North America.

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Supply: Generali

Subjects
Mergers & Acquisitions

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