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November 21, 2014 at 11:41 AM
(Bloomberg) — Securian Financial Group Inc., an insurer formed in 1880, agreed to buy a majority stake in Asset Allocation & Management Co. from a private-equity fund overseen by Stone Point Capital LLC.
The deal will add $16.4 billion in assets under management for other insurers, St. Paul, Minnesota-based Securian said today in a statement that didn’t disclose terms. AAM will operate as a subsidiary and retain its management, Chicago location and brand.
“The transaction deepens our commitment to the asset-management business and supports our long-term strategy,” Chris Hilger, who will take over as Securian’s chief executive officer in January, said in the statement. “AAM has a strong reputation in the insurance asset-management market and a diversified base of clients.”
Insurers have been buying asset managers to add fee revenue from third-party clients. Cathay Financial Holding Co. agreed this month to buy Conning Holdings Corp., which focuses on insurance clients. Allied World Assurance Co. and Principal Financial Group Inc. have also invested in money managers.
