Conning, the insurance asset management firm, has reached a definitive agreement to acquire Octagon Credit Investors, a manager of specialised credit asset classes with expertise in collateralised loan obligations (CLOs), bank loans and high-yield bonds.
Based in New York, Octagon has more than 20 years of experience investing in below-investment grade markets.
Octagon manages $12.8bn in assets through its CLOs, separate accounts and commingled fund offerings on behalf of insurance companies, banks, pension funds and asset managers. Andy Gordon will continue as Octagon's CEO, and the firm's existing investment and business teams will remain in place.
"This transaction is a natural extension of Conning's capabilities and provides our clients with access to specialised floating and fixed-income asset classes that have performed well through various market cycles," said Woody Bradford, chairman and CEO of Conning.
Conning is owned by Cathay Financial Holding Company based in Taiwan.