(Bloomberg) — Conning & Co., the money manager controlled by Jeff Greenberg's Aquiline Capital Partners LLC, is adding about $6 billion in assets from Brookfield Asset Management Inc. as the seller exits the business of overseeing funds for insurers.
Joseph Syage and Dominick Bonanno, who lead the fixed income insurance business at the Brookfield Investment Management unit, will join in a new Manhattan office for Conning, the buyer said in a statement today. Hartford, Connecticut-based Conning also has offices in London, Cologne, Hong Kong and Purchase, New York.
Conning oversees $83 billion for clients, with more than half that sum in corporate bonds. The company is expanding in New York to cater to insurer clients as Chief Executive Officer Woody Bradford seeks to add income from fees. Goldman Sachs Group Inc. and JPMorgan Chase & Co. are among firms vying to bolster profits by catering to insurers pressured by low bond yields and increased government oversight.
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