View this article online: https://www.insurancejournal.com/news/national/2014/03/31/324832.htm
Hartford-based insurance asset management firm Conning, Inc. said it has agreed to acquire certain assets of Brookfield Investment Management Inc.’s core fixed income insurance.
The investment team currently managing these assets will join Conning in a newly formed Manhattan investment office, thud clients will have with continuity in the management of their portfolios, the company said.
Financial terms of the transaction were not disclosed.
Conning said the transaction adds “meaningful scale” to its North American operations. Upon completion of the transaction, these insurance clients – including property/casualty and reinsurance companies – will be managed under the Conning brand. There will be no change to the investment team overseeing client relationships.
“This transaction is a natural extension of our core investment platform, providing us additional expertise to service our clients,” said Woody Bradford, president and CEO of Conning. “Our investment philosophy and culture of exceptional client service are very closely aligned.”
The team joining Conning – led by Joseph Syage and Dominick Bonanno – will integrate with Conning’s U.S. portfolio management group. Brookfield’s team brings more than 30 years of insurance asset management experience.
The transaction is expected to close in the second quarter of 2014, subject to customary closing conditions.