Conning Holdings Ltd., a Hartford-based investment management firm, said Wednesday that its acquisition by Italy-based Generali Investments Holding S.p.A.has closed.
Conning, which is headquartered in Hartford’s Gold Building and has offices in Boston and New York City, had been owned by Cathay Financial Holdings, based in Taiwan. Generali’s deal to acquire Conning was announced in July.
According to the companies, Cathay contributed its ownership in Conning and its affiliates to Generali for a 16.75% share in Generali. As part of the transaction, Cathay agreed to a minimum 10-year financial commitment in relation to specific insurance assets that will continue to be managed on its behalf by Generali.
Conning and its affiliates will continue to operate under their current leadership and brands, the companies said.
A spokesperson for the company also said via email that there are no plans to relocate Conning’s headquarters from Hartford, and “currently no plans to change staffing levels.”
Founded in 1912, Conning serves insurance companies and institutional clients, providing investment solutions, risk modeling software, and industry research. It has investment centers in Asia and Europe, as well as in North America. As of Dec. 31, it had $214 billion in total global assets under management, the company said.
Generali is one of the largest global insurance and asset management providers, with about 82,000 employees serving 70 million customers. Founded in 1831, it operates in over 50 countries, with a total premium income of $89.7 billion in 2023.
