Close Close

Financial Planning > College Planning

Growth: Conning, Nationwide

Your article was successfully shared with the contacts you provided.

Conning & Company is going after insurance company asset management business in the Asia Pacific region.

Conning, Hartford, is working with Cathay Financial Holding Company Ltd., Taipei, Taiwan, to form an asset management company with headquarters in Hong Kong.

Conning and Cathay will be filing an application seeking approval for the joint venture with regulatory authorities in Taiwan, Conning says.

Conning and Cathay Financial will each own 50% of the stock of the new company, Conning says.

Cathay Financial will buy a minority stake in Conning.

Conning already manages assets for Cathay Financial’s Cathay Life Insurance Company subsidiary.

Aquiline Capital Partners L.L.C., New York, a private equity firm, controls Conning. The chairman of Aquiline is Jeff Greenberg, the son of Maurice Greenberg.

“Since Aquiline invested in Conning, we have been seeking a partner to help the Company develop the Asia Pacific region,” Jeff Greenberg says in a statement about the Cathay Financial deal.

Conning and Cathay Financial will be looking for institutional investment management business in markets such as Taiwan, China, Hong Kong, South Korea, Japan and Vietnam, Conning says.

In other business growth news, Nationwide Financial Services, a unit of Nationwide Mutual Insurance Company, Columbus, Ohio, says it is adding retirement plan fiduciary services from an outside vendor, a unit of IRON Holdings L.L.C., Northbrook, Ill.

The new service will provide plan sponsors with relief from investment liability as well as help with choosing and monitoring investments, Nationwide says.

- Allison Bell

Other business growth coverage from National Underwriter Life & Health: