(Alliance News) - Assicurazioni Generali Spa on Thursday announced the acquisition of Conning Holdings Limited, a leading global asset manager dedicated to insurance and institutional clients, from Cathay Life, a subsidiary of Cathay Financial Holdings, one of Asia's most prominent financial institutions.

Following the transfer of Conning Holdings Limited to Generali Investments Holding Spa, Cathay Life will become a minority shareholder in GIH and enter into a broader partnership with Generali, with the aim of supporting the group's strategic growth ambitions in its global asset management business.

Conning and its subsidiaries are among the leading global asset management companies dedicated to insurance companies and institutional clients with approximately USD157 billion, or EUR144 billion, of AUM. The business scope includes Conning, Octagon Credit Investors, Global Evolution and Pearlmark.

"The acquisition, in line with Generali's "Lifetime Partner 24: Driving Growth" plan, will reinforce the group's strategy in asset management, which aims to develop a global leader in offering investment solutions, creating a single platform with USD709 billion, or EUR650 billion, of AUM, complemented by diversified and high-quality expertise in fixed income, structured and corporate credit, emerging markets debt and private real estate.

Following the acquisition of Conning and its subsidiaries, the group's total assets under management will increase to USD845 billion, or EUR775 billion.

As consideration for Cathay Life's contribution of 100 percent of CHL's shares in GIH, it is expected that at closing Cathay Life will hold 16.75 percent of GIH's share capital.

GIH is the sub-holding that, at closing, will comprise most of the group's global asset management business, with the exception of the China-based business. Generali's asset management results will consist entirely of the results of GIH, excluding the contribution of the aforementioned Chinese asset management businesses.

Generali trades in the red by 2.5 percent at EUR18.44 per share.

By Claudia Cavaliere, Alliance News reporter

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