Linklaters advises Generali on the acquisition of Conning Holdings Limited creating a long-term partnership with Cathay Life

Linklaters has advised global insurance and asset management provider, Generali, on the acquisition of Conning Holdings Limited (CHL), a leading global asset manager for insurance and institutional clients, from Cathay Life, a subsidiary of Cathay Financial Holdings, one of the largest Asia-based financial institutions. The total Assets Under Management of Generali Group, following the acquisition, will rise to $845bn.

As a result of the acquisition, Cathay Life will become a minority shareholder of Generali Investments Holdings and will enter into a wider partnership with Generali, supporting the strategic growth ambitions of Generali Asset Management globally.

Generali will benefit from the addition of Conning and its affiliates’ long-standing insurance and institutional client base in the U.S. and Asia and will be better positioned to scale its third-party business in key markets globally, by leveraging the firms’ combined investment capabilities and distribution strengths.

Subject to customary regulatory, anti-trust, and other relevant approvals, the transaction is expected to be completed in H1 2024.

Roberto Casati, Linklaters Corporate partner, comments:

“We are very honored to have assisted our client Generali in this transaction, which strengthens and expands Generali’s global asset management business and its international footprint. Our European, US, and Asian offices have provided support to the client by supplying seamless corporate, regulatory, and antitrust coverage.”

Tracey Lochhead, Linklaters Corporate partner, comments:

“We are pleased to have been a part of this significant deal for Generali. This strategic partnership will support Generali’s growth ambitions globally and strengthen its position in the market, allowing them to better serve their insurance and institutional clients across the U.S. and Asia. This is the latest deal highlighting our cross-border expertise.”

The cross-practice and multi-jurisdictional Linklaters team was led by Corporate partners Roberto Casati (Milan) and Tracey Lochhead (London), with managing associates Matteo Tabellini and Meila Burgess, as well as associates Mackenzie Hewett, Cassandra Smith, Pietro Pozzati and Luke Griffin.

The Corporate team was supported by financial regulation counsel Anna Ferraresso.