Conning, a leading manager of insurance assets, will take a 45% stake in Global Evolution, a Kolding, Denmark-based investment boutique focused on emerging market and frontier market debt strategies, according to a joint announcement by the two companies.
Financial details of the deal, expected to close in early 2018, weren't disclosed.
A news release Friday from the two companies said the tie-up will put Conning's global distribution muscle behind Global Evolution, accelerating the boutique's expansion in North America and the Asia-Pacific region.
Global Evolution had $6.6 billion in assets under management as of Sept. 30. Conning and its affiliates had $120 billion in AUM as of Nov. 30.
Global Evolution will continue to operate as an independent boutique, with employees — led by CEO Soren Rump and Chief Investment Officer Morten Bugge — holding a majority of the firm's equity when the deal closes, according to the release.
Conning will increase its stake in Global Evolution “over time” through a series of staged investments, the news release said.
