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.
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