Conning Acquires Goodwin Capital Advisors

September 21, 2011

On September 19, 2011 Conning, Inc. announced that it had entered into an investment management agreement with The Phoenix Companies, Inc. (NYSE:PNX) and had agreed to acquire Goodwin Capital Advisors, Inc., a Phoenix subsidiary.


On September 19, 2011 Conning, Inc., a Hartford, Connecticut-based asset manager focusing in the insurance industry, announced that it had entered into an investment management agreement with The Phoenix Companies, Inc. (NYSE:PNX) to manage Phoenix’s publicly traded fixed income general accounts and insurance assets.  Under the agreement, the financial terms of which were not disclosed, Conning Holdings Corp. will acquire Goodwin Capital Advisors, Inc., a wholly-owned subsidiary of Phoenix.  Goodwin will retain its own name and will operate as a Conning subsidiary.  The transaction will add approximately $8 billion to Conning’s assets under management, bringing its total assets under management to approximately $85 billion.  The transaction, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2011.

To read the press release, please click here.


Categories

Investment Manager M&A, Transactions