Conning Asset Management will be handling the investment portfolios of the remaining insurance company units of Citigroup Inc.
The deal, which involves about $8 billion in assets, took effect Jan. 1, according to Conning Company, Hartford., the parent of Conning Asset Management.
Conning is a unit of Swiss Reinsurance Company, Zurich.
The terms of the Conning deal were not immediately available.
Since Citigroup, New York, sold Travelers Life Insurance Company to MetLife Inc., New York, in 2005, its remaining insurance affiliates have been Primerica Life Insurance Company, American Health & Life Insurance Company and CitiFinancial International, which sells credit-related policies along with loans.
Conning says it has added 20 employees, including a number of Citigroup and Travelers veterans, to accommodate the new business.
Among the new employees is David Miller, who had headed portfolio management at Citigroup Insurance Investments. Miller is now a managing director at Conning.
In addition, John Calcagni, formerly head of investment accounting and reporting at Citigroup Insurance Investments, now holds that same position with Conning.
The former Citigroup employees will increase Conning’s ability to handle deals involving high yield, emerging market and private placement bonds, says Sal Correnti, Conning’s chief executive officer.
The addition of Citigroup’s $8 billion in assets will give Conning a total of about $62 billion in assets under management, Correnti says.