Cathay Financial Holdings and Conning Form JV

June 30, 2011

On June 28, 2011, Cathay Financial Holding Co., Ltd. (TWSE: 2882) and Hartford, Connecticut-based Conning announced a strategic partnership to establish a joint venture in Hong Kong and to make an investment in Conning.

On June 28, 2011, Taiwan-based Cathay Financial Holding Co., Ltd. (TWSE: 2882) and Conning, an insurance-based global asset manager, announced a strategic partnership and joint venture.  Under the joint venture agreement, a new Hong Kong-based asset management company, in which each of Cathay and Conning will own 50% of the equity, will be formed.  In addition, Cathay will purchase a minority stake in Conning.  The transaction will expand the companies’ asset management presence in the Asia Pacific region.  Cathay is a financial services provider with approximately $161 billion in assets.  Conning, which is headquartered in Hartford, Connecticut, has approximately $77 billion under management.  The transaction, which is subject to regulatory approvals, is expected to close by the first quarter of 2012.

To read the press release, please click here.


Investment Manager Strategic Investments, Transactions