The largest financial services provider in Taiwan has approved the acquisition of Hartford insurance-asset manager Conning Holdings Corp. and its subsidiaries for up to $240 million, the two announced Wednesday.
The Cathay Group, which has total assets of more than $200 billion, said it has been a client, shareholder and strategic partner of Conning, with $92 billion under management, since 2011. The two already operate a joint venture in Hong Kong, Cathay Conning Asset Management.
The funds for the deal come from New York private equity firm Aquiline Capital Partners and other shareholders.
Woody Bradford will continue to lead Conning, which will operate as an independent company within the Cathay Group, with its own board of directors. The company’s asset management, risk and capital management, and insurance research teams will also stay with the company, Conning said.
Conning has 220 employees in Harford. The company said the deal won’t affect its Hartford presence or operations.
“Cathay supports the continuation of our firm’s client-focused culture and service model and will provide additional resources to accelerate our business plans and further enhance the value proposition for our clients,” Bradford said in a statement.
The deal needs regulatory approvals, but is expected to close in the second half of 2015.
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