This strategic move has increased Generali Group’s total assets under management (AUM) to around $887bn (€817.08bn) as of 31 December 2023. Credit: HJBC/Shutterstock.com.

Italian insurance company Generali has concluded the acquisition of Conning Holdings and its affiliates from Cathay Financial Holdings’ subsidiary Cathay Life Insurance.  

The transaction includes Conning, a company specialising in insurance and institutional fixed income, along with its affiliates – Octagon Credit Investors, mainly focusing on bank loans, CLOs and specialty credit; Global Evolution, dealing in markets debt; and Pearlmark, dealing in debt/equity real estate.  

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Collectively, these entities form a key investment management company with specialisation in handling institutional and insurance clients.  

The acquisition, announced in July 2023, significantly enhances Generali’s asset management capabilities and expands its global footprint, particularly in the US and Asia. 

With the completion of this deal, all Conning shares have been integrated into Generali Investments Holding (GIH), which encompasses the majority of Generali’s asset management activities, in exchange for the newly issued shares. 

Cathay Life will now function as a minority shareholder of GIH, with a 16.75% stake, cementing a long-term asset management partnership with Generali. 

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Conning and its affiliates are set to continue their growth strategies, now with the backing of both their continuing owner, Cathay Life Insurance, and their new owner, Generali.  

Cathay Life has also committed to a minimum ten-year financial investment pertaining to specific insurance assets managed by GIH on its behalf. 

This move has increased Generali Group’s total AUM to around $887bn as of 31 December 2023.  

The acquisition aligns with Generali’s Lifetime Partner 24: Driving Growth strategic plan, which aims to fortify its global asset management business by enhancing investment capabilities, expanding third-party client services and growing its geographical presence. 

Generali Asset & Wealth Management CEO Carlo Trabattoni said: “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 US and emerging market fixed income, alternative credit and US real estate.  

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