Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  TAIWAN STOCK EXCHANGE  >  Cathay Financial Holding Co., Ltd.    2882   TW0002882008

SummaryNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Cathay Financial Holding Co., Ltd. : Cathay Financial Holdings and Conning Announce Joint Venture

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/28/2011 | 11:55am CET

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 in Taiwan.

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 our alliance."

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.

About Conning

Conning (www.conning.com) 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.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6776056&lang=en

Cathay Financial Holdings
David Sun
+ 886-2-2708-7698 x7790
+ 866-988-798-089 (cell)
dsun@cathayholdings.com.tw
or
Stanton Public Relations & Marketing
Nicky McHugh
+1 646-502-3532 (direct dial)
+1 646-280-9283 (cell)
conningteam@stantonprm.com
or
Conning
Karen Verelley
+1 203-252-0973
Karen.verelley@conning.com


© Business Wire 2011
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CATHAY FINANCIAL HOLDING C
12/06 Taiwan shares end down following Italy vote
12/02 TAIWAN SEMICONDUCTOR MFG : promises increased investment in Indonesia
12/02 CATHAY FINANCIAL : Yuanta Financial Holdings announces Yuanta Life's acquisition..
11/22 CONFIDENCE IN ECONOMY DECLINES : Cathay survey
10/19 CONFIDENCE IN LOCAL ECONOMY IMPROVIN : survey
10/17 CONFIDENCE IN ECONOMY IMPROVES SLIGH : survey
10/07 RATING ACTION : Moody's affirms IFSR of Cathay Century at A3, changes outlook to..
09/21 TAIWAN UNLIKELY TO HIT 1-PERCENT GRO : Cathay Financial
09/19 GEMALTO : Cathay United Bank deploys Gemalto's mobile-based authentication solut..
09/16 CATHAY FINANCIAL : Ant Financial to acquire a 51% stake in CIC
More news
Sector news : Life & Health Insurance - NEC
11/30 Impact on insurers from Britain's vote to leave the EU
11/28 Italy's Monte dei Paschi lists multiple threats to rescue plan
11/28DJAsian Shares Mostly Down on Skepticism About OPEC Deal
11/24 BANCA MONTE DEI PASCHI DI SIENA : Monte dei Paschi shareholders approve vital ca..
11/24 BANCA MONTE DEI PASCHI DI SIENA : Monte dei Paschi shareholders approve vital ca..
More sector news : Life & Health Insurance - NEC
Advertisement
Financials ( TWD)
Sales 2016 481 513 M
EBIT 2016 49 994 M
Net income 2016 44 781 M
Debt 2016 -
Yield 2016 3,31%
P/E ratio 2016 13,74
P/E ratio 2017 12,91
Capi. / Sales 2016 1,28x
Capi. / Sales 2017 1,26x
Capitalization 615 597 M
More Financials
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 49,4  TWD
Spread / Average Target 0,72%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Chang Keng Li President & Director
Hong Tu Tsai Chairman
Yan Ju Chen Chief Financial Officer & Deputy Spokesman
Tsu Pei Chen Director
Tsing Yuan Hwang Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
CATHAY FINANCIAL HOLDI..19 295
AXA-11.18%61 538
METLIFE INC15.47%61 189
PRUDENTIAL PLC3.46%51 753
PRUDENTIAL FINANCIAL I..27.31%44 565
MANULIFE FINANCIAL COR..14.76%34 759
More Results