Cross-border team advises Conning and Cathay Life on Conning’s acquisition by Generali

Global law firm Norton Rose Fulbright has advised Conning Holdings Limited (Conning and its Affiliates), a leading global asset manager, and its shareholder, Cathay Life Insurance Co., Ltd (Cathay Life), on Conning’s acquisition by Generali Investment Holdings S.p.A. (GIH), the asset management arm of Italian insurer, Generali Group. 

Conning is a leading asset management firm serving the needs of insurance companies and other institutional clients. Conning and its Affiliates had approximately $157 billion (€144 billion) in assets under management as of 31 March 2023.

The total assets under management of Generali Group, following the acquisition of Conning, will rise to $845 billion (€775 billion). Cathay Life will receive a 16.75 per cent shareholding in GIH. 

The deal creates one of Europe’s largest asset managers and is expected to close in the first half of 2024, subject to customary regulatory approvals.

The cross-border Norton Rose Fulbright team was led by London Corporate Partners Richard Sheen and Clementine Hogarth.

They were supported in the UK by Senior Consultant Chris Thornes, Associates Thomas Widdows and Jack Whelan, Supervising Paralegal Hobz de Caux and Trainee Solicitor Tor Walberg.

Milan Partners Salvatore Iannitti, Tiziana Del Prete and Counsel Massimo Agostini advised on Italian corporate law aspects of the transaction.

The wider, multi-disciplinary team also included Antitrust Partner Alexandra Rogers and Senior Associate Jamie Cooke; Financial Services Regulatory Partners Albert Weatherill, Floortje Nagelkerke and Etelka Bogardi; Tax Partners Dominic Stuttaford, Julia Lloyd and Matt Findley; IT/IP Partner James Russell; Sanctions partner Katie McDougall; Disputes Partner Ruth Cowley and Restructuring Partner Mark Craggs.

Multi-jurisdictional employment and pensions law advice was provided by EMEA Head of Employment and Labour Paul Griffin, Head of Italy Attilio Pavone, Head of Munich Claudia Posluschny, and Partners Lesley Browning, Laure Joncour and Frank Weberndoerfer.

Partners Claire Guilbert, Bénédicte Denis, Sébastien Praicheux and Agnieszka Braciszewska advised on the Luxembourg, French and Polish aspects respectively.