US-based fixed income specialist Conning is acquiring a 45% stake in Danish asset manager Global Evolution for an undisclosed amount to boost its ability to provide clients with emerging market debt expertise.
The deal is expected to close in early 2018, subject to regulatory approvals and closing conditions, Conning says in a statement on December 22.
Global Evolution is an emerging and frontier market debt manager with total AUM of US$6.6 billion as at November 30, 2017.
After the acquisition, “Global Evolution will continue to operate as an independent boutique and founders Søren Rump and Morten Bugge will continue as chief executive officer and chief investment officer, respectively,” according to Conning.
Woody Bradford, chairman and chief executive officer of Conning, notes that “emerging market debt is increasingly being accepted as a strategic asset class for investors globally.”
As such, the acquisition will enable Conning to provide Global Evolution’s fixed income expertise to its clients, he says.
Global Evolution’s founders welcomed Conning’s move to acquire a stake in their company.
According to Mr. Bugge, Global Evolution can accelerate investments in emerging and frontier markets in Asia Pacific and North America, supported by Conning’s resources.
“Conning has made a significant commitment of resources, including enhanced global distribution and capital, that accelerates our growth and enhances the experiences for our clients,” Mr. Rump adds.
Conning had approximately $120 billion in AUM globally as at November 30, 2017.
Conning was acquired in 2015 by Taiwanese financial conglomerate Cathay Financial Holdings for $240 million.
