Conning To Acquire Charter Oak Capital Management

Conning Corp. has entered into an agreement to acquire the Charter Oak Capital Management operations, a Hartford, Conn.-based investment manager with expertise in managing fixed income and equity securities portfolios for the insurance industry.

The Charter Oak acquisition is expected to enhance Conning’s asset management investment expertise for its existing and prospective clients and provide additional assets to its existing large insurance asset management base.

The acquisition will immediately increase Conning’s unaffiliated assets under management by approximately $3 billion and investment accounting assets by approximately $1 billion.

Charter Oak is currently majority-owned by David L. Babson & Company, Inc. Conning will integrate the Charter Oak asset management operations through its existing Hartford operations. The transaction is expected to close during the fourth quarter of this year.

Topics Mergers & Acquisitions