Financial services provider Cathay Financial Holding Co. Ltd. announced Wednesday that the board of directors of its subsidiary, Cathay Life Insurance Co. Ltd., approved the acquisition of global investment manager Conning Holdings Corp. and all of its subsidiaries.

The company said in a statement that the acquisition is a significant step toward its goal to build a complete financial services platform with expertise in asset management, banking and insurance. The deal will expand Cathay’s asset management business globally and add breadth and depth of services for both Conning and Cathay clients across Asia, Europe and North America.

Conning will continue to operate as an independent company within the Cathay group with its own board of directors, led by current President and CEO Woody Bradford and the existing global management team. Cathay Life will purchase Conning for up to $240 million from funds managed by New York-based private equity firm Aquiline Capital Partners LLC.

The transaction is subject to customary regulatory approvals and is expected to close in the second half of 2015.

Source: Cathay Financial Holding Co. Ltd.