Generali completes acquisition of Conning Holdings

Generali has completed the acquisition of Conning Holdings Limited (CHL) and its affiliates from Cathay Life, a subsidiary of Cathay Financial Holdings, one of the largest Asia-based financial institutions.

The acquisition includes Conning, focused on insurance and institutional fixed income, and its affiliates Octagon Credit Investors (bank loans, CLOs and specialty credit), Global Evolution (emerging markets debt), and Pearlmark (debt and equity real estate).

As a result of the transaction, all shares of CHL have been contributed into Generali Investments Holding S.p.A. (GIH), in exchange for newly issued shares.

Cathay Life, Conning and its Affiliates continuing owner, has become a minority shareholder of GIH, with a stake of 16.75% of GIH.

As part of this deal, Cathay has agreed to a minimum 10-year financial commitment in relation to specific insurance assets that will continue to be managed on its behalf by GIH, including Conning and its Affiliates.

This transaction, previously announced in July 2023, increases Generali’s total AUM to $887 billion (€ 803 billion).

Carlo Trabattoni, Generali’s CEO Asset & Wealth Management commented: “The acquisition of Conning and its affiliates allows us to continue the successful development of a global and diversified asset management ecosystem. We have strengthened our capabilities with relevant high-quality investment skills in U.S. and emerging market fixed income, alternative credit and U.S. real estate.

“Generali is establishing a preeminent global asset management firm, now one of the 10 largest asset managers in Europe, recognised for delivering consistent investment returns and establishing enduring and trusted relationships with our clients.”

Following the completion of the transaction, Conning and its Affiliates will continue to operate under current leadership and brands with new strategic support from Generali.

Woody Bradford, Chief Executive Officer and Chair of the Conning Holdings Limited Board, said: “We are excited to embark on this long-term partnership with Generali, with identified growth areas and synergies in mind and to leverage our shared insurance industry heritage.

“Conning’s hallmark is delivering world-class performance and service for clients. This will remain our steadfast focus going forward.”

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