Cathay Financial Holdings (Cathay) has secured approval from Taiwan’s Financial Supervisory Commission (FSC) to buy Conning Holdings, a US-based insurance asset management firm for $240m.
Cathay, which already holds an 8.7% stake in Conning, inked the acquisition deal with Conning in November 2014.
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The acquisition will be funded by Cathay’s subsidiary Cathay Life Insurance (CLI), from funds managed by Aquiline Capital Partners, a New York-based private equity firm, as well as other shareholders, Asia Asset Management reported.
The two entities also formed a joint venture in 2011l, dubbed Cathay Conning Asset Management, with an aim to offer global investment and advisory solutions from its Homg Kong offices.
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