Cathay Financial Holding Co., Ltd. (TWSE: 2882), a leading financial
services provider, and Conning, one of the largest global asset managers
focused on the insurance industry, today announced they will form a
broad-based strategic partnership and joint venture that will provide
institutional asset management services in the Asia Pacific region. An
application seeking approval will be filed with regulatory authorities
Under the joint venture agreement, a new asset management company will
be formed with headquarters in Hong Kong. Cathay Financial Holdings and
Conning will each own 50% of the equity in the new company. A leadership
team will be recruited and is expected to be announced later this year.
In addition, Cathay Financial Holdings will purchase a minority
ownership stake in Conning. Conning currently manages assets for Cathay
Life Insurance Company, a subsidiary of Cathay Financial Holdings.
"We are very excited about our strategic partnership with Conning," said
C.K. Lee, President of Cathay Financial Holdings. "This partnership,
including the establishment of a Hong Kong joint venture and an
investment in Conning, is an important strategic transaction for Cathay
Financial Holdings as we look to further strengthen our asset management
capabilities and expand our presence in the asset management industry in
the Asia Pacific region."
"Since Aquiline invested in Conning, we have been seeking a partner to
help the Company develop the Asia Pacific region," said Jeff Greenberg,
Chairman of Conning and Chief Executive of Aquiline Capital Partners, a
global financial services private equity firm that acquired Conning in
2009. "We are fortunate to be working with Cathay, a market leader with
an outstanding reputation. We are excited by the potential that this
joint venture offers, and look forward to welcoming Cathay Financial
Holdings as a shareholder of Conning."
The joint venture will enable both Cathay Financial Holdings and Conning
to grow their institutional investment management activities in target
markets including Taiwan, China, Hong Kong, South Korea, Japan and
Vietnam, while developing attractive local investment products that can
be distributed globally. The transaction is subject to customary
regulatory approvals and licensing and is expected to close by the first
quarter of 2012.
"We welcome Cathay Financial Holdings as a strategic partner," said
Woody Bradford, President and Chief Operating Officer of Conning. "We
look forward to building a long-term relationship offering innovative
asset management to insurance and institutional clients in the Asia
Pacific region and are confident that many opportunities will arise from
About Cathay Financial Holding Co., Ltd.
Cathay Financial Holding Co., Ltd. (www.cathayholdings.com.tw)
is the largest financial holding company in Taiwan and a leading
provider of financial products and services. The company's primary
subsidiaries include Cathay Life Insurance, Cathay United Bank, Cathay
Century Insurance and Cathay Securities. As of December 31, 2010, the
company had total assets of over US$161 billion and over 11 million
customers. In recent years, Cathay Financial Holdings has also increased
its presence in Asia, including establishing life insurance, property &
casualty insurance and banking operations in China and Vietnam.
is a leading asset manager for the insurance industry, with almost US$77
billion under management through its Hartford and Dublin investment
centers as of March 31, 2011. For more than 25 years, Conning has built
its asset management business to meet the investment and financial needs
of insurers. The Company's unique combination of asset management,
strategic advisory and insurance research services helps clients achieve
their financial goals through the implementation of customized business
and investment strategies. Founded in 1912, Conning is headquartered in
Hartford, Connecticut, with additional offices in New York, London,
Dublin, and Cologne.
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