Cathay Financial Holding Co. Ltd., a financial services provider, and Conning, a global asset manager focused on the insurance industry, will form a broad-based strategic partnership and joint venture that will provide institutional asset management services in the Asia Pacific region. An application seeking approval will be filed with regulatory authorities in Taiwan.
Under the joint venture agreement, a new asset management company will be formed with headquarters in Hong Kong. Cathay Financial Holdings and Conning each will own 50 percent of the equity in the new company, and a leadership team will be recruited and is expected to be announced later this year, says Cathay. In addition, Cathay Financial Holdings will purchase a minority ownership stake in Conning, which currently manages assets for Cathay Life Insurance Co., a subsidiary of Cathay Financial Holdings.
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