Cathay Financial Holding and Conning have entered a strategic partnership to offer institutional asset management services in the Asia Pacific region. As per the deal, a new asset management firm will be launched, in which each company will hold 50% of the equity.
The new venture will be headquartered in Hong Kong and a new leadership team will be appointed. Cathay Financial will also acquire a 9.9% stake in Conning for $19 million, adds Pensions & Investments.
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