Cathay Conning Asset Management, a 50-50 joint venture between Taiwanese fund manager Cathay Financial Holdings and Connecticut-based asset management firm Conning, has received the final licensing approval from the Securities and Futures Commission (SFC) in Hong Kong.
With the license approval, Cathay Conning Asset Management said it will begin implementing its business strategy and establish a broad-based strategic partnership providing institutional asset management services in Asia.
Cathay Financial Holdings secured the joint venture agreement with Conning on June 28, 2011 to form a new asset company in Hong Kong. In addition, Cathay Financial Holdings purchased a minority ownership stake in Conning. The deal was approved by Taiwan’s regulator on September 22, 2011.
Separately, Cathay Life Insurance, the insurance vehicle of Cathay Financial Holdings, has received a qualified foreign institutional investor (QFII) license from Chinese regulator. This comes after the group’s asset management affiliate Cathay Investment Trust received QFII quota of US$100 million in December last year.
