(Alliance News) - Assicurazioni Generali Spa announced Wednesday that it has completed the acquisition of Conning Holdings Limited and its subsidiaries from Cathay Life, a subsidiary of Cathay Financial Holdings, as announced on July 6, 2023.

As a result of the transaction, all shares of CHL are contributed to Generali Investments Holding Spa in exchange for newly issued shares, and Cathay Life becomes a minority shareholder in GIH with a 16.8 percent stake, initiating a long-term partnership with Generali in the asset management business.

The acquisition includes Conning, focused on fixed income instruments for insurance and institutional clients, and its subsidiaries Octagon Credit Investors -- bank loans, CLOs and alternative credit --, Global Evolution -- emerging market debt -- and Pearlmark, focused on real estate debt and equity.

"In line with Generali's 'Lifetime Partner 24: Driving Growth' plan, the acquisition globally expands the group's asset management business by strengthening investment expertise, growing business to third-party clients, and expanding its presence to the U.S. and Asia," the company said.

Following the transaction, the group's total assets under management increase to USD887 billion, or EUR803 billion.

Carlo Trabattoni, CEO Asset & Wealth Management at Generali, commented, "Through the acquisition of Conning and its subsidiaries we will continue to successfully develop a global and diversified asset management ecosystem. We strengthen our expertise through top-tier investment solutions in fixed income in the U.S. and emerging markets, alternative credit, and U.S. real estate."

"Generali is consolidated as a leading global asset management company-now among the top ten asset managers in Europe-recognized for its ability to deliver consistent returns on investments and establish lasting, trusted relationships with its clients."

Assicurazioni Generali's stock is up slightly at EUR23.43 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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