Conning to Make Strategic Investment in Global Evolution, an Emerging and Frontier Market Investment Manager
December 21, 2017
Conning to Make Strategic Investment in Global Evolution, an Emerging and Frontier Market Investment Manager
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Conning Adds Best-in-Class Capabilities in Emerging Market Debt and Environmental, Social and Governance (ESG) Investing
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Accelerates Global Evolution’s Expansion into North America and Asia Pacific
Hartford, Connecticut and Kolding, Denmark – 21 December 2017 – Conning, a leading global investment management firm, and Global Evolution, a premier specialist investment manager of emerging and frontier market debt strategies, today announced the signing of a definitive agreement for Conning to acquire a 45 percent stake in Global Evolution. The transaction is expected to close in early 2018, subject to customary regulatory approvals and closing conditions.
“We are very pleased to welcome Conning as a new shareholder in Global Evolution. This is a significant milestone in our firm’s development – one that recognizes the strength of our business and emphasizes our reputation as a leader in emerging and frontier markets,” said Søren Rump, Chief Executive Officer of Global Evolution. “Conning is the ideal strategic partner and has made a significant commitment of resources, including enhanced global distribution and capital, that accelerates our growth and enhances the experience for our clients.”
Following the closing, Global Evolution will continue to operate as an independent boutique and founders Søren Rump and Morten Bugge will continue as CEO and CIO, respectively. Employees will continue to hold a majority ownership interest in the firm, with Conning increasing its position in Global Evolution over time through a series of staged investments designed to provide complete stability for the business, and continuity in service and performance for clients.
“Emerging market debt is increasingly being accepted as a strategic asset class for investors globally, and given this trend we are pleased to be able to provide Global Evolution’s world-class investment expertise to our clients,” said Woody Bradford, Chair and Chief Executive Officer of Conning. “We look forward to working with Søren, Morten and the Global Evolution team as we build our business, serve clients, and pursue new opportunities together.”
“This transaction is beneficial to our clients, employees and business. With the support of Conning’s resources, Global Evolution is well positioned to accelerate innovation in emerging and frontier market investing,” said Morten Bugge, Chief Investment Officer of Global Evolution. “This transaction ensures that the investment team can focus on what is most important, namely delivering high quality emerging and frontier market products to investors.”
Magnusson Denmark Advokatpartnerselskab served as legal advisor to Conning on this transaction. Spencer House Partners LLP served as financial advisor and Kromann Reumert served as legal advisor to Global Evolution.
ABOUT CONNING®
Conning (www.conning.com) is a leading global investment management firm with approximately $120 billion in global assets under management as of November 30, 2017.* With a long history of serving the insurance industry, Conning supports institutional investors, including pension plans, with investment solutions and asset management offerings, award-winning risk modeling software, and industry research. Founded in 1912, Conning has offices in Boston, Cologne, Hartford, Hong Kong, London, New York, and Tokyo.
“We are very pleased to welcome Conning as a new shareholder in Global Evolution. This is a significant milestone in our firm’s development – one that recognizes the strength of our business and emphasizes our reputation as a leader in emerging and frontier markets,” said Søren Rump, Chief Executive Officer of Global Evolution. “Conning is the ideal strategic partner and has made a significant commitment of resources, including enhanced global distribution and capital, that accelerates our growth and enhances the experience for our clients.”
Following the closing, Global Evolution will continue to operate as an independent boutique and founders Søren Rump and Morten Bugge will continue as CEO and CIO, respectively. Employees will continue to hold a majority ownership interest in the firm, with Conning increasing its position in Global Evolution over time through a series of staged investments designed to provide complete stability for the business, and continuity in service and performance for clients.
“Emerging market debt is increasingly being accepted as a strategic asset class for investors globally, and given this trend we are pleased to be able to provide Global Evolution’s world-class investment expertise to our clients,” said Woody Bradford, Chair and Chief Executive Officer of Conning. “We look forward to working with Søren, Morten and the Global Evolution team as we build our business, serve clients, and pursue new opportunities together.”
“This transaction is beneficial to our clients, employees and business. With the support of Conning’s resources, Global Evolution is well positioned to accelerate innovation in emerging and frontier market investing,” said Morten Bugge, Chief Investment Officer of Global Evolution. “This transaction ensures that the investment team can focus on what is most important, namely delivering high quality emerging and frontier market products to investors.”
Magnusson Denmark Advokatpartnerselskab served as legal advisor to Conning on this transaction. Spencer House Partners LLP served as financial advisor and Kromann Reumert served as legal advisor to Global Evolution.
ABOUT CONNING®
Conning (www.conning.com) is a leading global investment management firm with approximately $120 billion in global assets under management as of November 30, 2017.* With a long history of serving the insurance industry, Conning supports institutional investors, including pension plans, with investment solutions and asset management offerings, award-winning risk modeling software, and industry research. Founded in 1912, Conning has offices in Boston, Cologne, Hartford, Hong Kong, London, New York, and Tokyo.
*As of November 30, 2017, represents the combined global assets under management for the affiliated firms under Conning Holdings Limited, and Cathay Securities Investment Trust Co., Ltd. ("SITE"). SITE reports internally into Conning Asia Pacific Limited, but is a separate legal entity under Cathay Financial Holding Co., Ltd. which is the ultimate controlling parent of all Conning entities.
ABOUT GLOBAL EVOLUTION
Founded in 2007, Global Evolution (www.globalevolution.com) is a dedicated, leading emerging and frontier markets investment manager, committed to impact investing. With US$6.6 billion in assets under management as of November 30, 2017, the firm invests globally on behalf of a wide range of institutional investors through pooled funds and segregated accounts. Its clients are supported by a long-tenured group of investment professionals, and its founders have worked together for more than two decades. Global Evolution is known for its innovative approach to investing in emerging and frontier markets. Global Evolution has its head office in Kolding, Denmark, and offices in Zürich and New York.
Media Contacts
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Conning
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