* Deal makes Conning third-largest insurance asset mgr
* Expected to close in Q4, terms not disclosed
Sept 19 Insurance asset manager Conning Inc
said on Monday it would take over managing the fixed-income
portfolio of insurer Phoenix Companies PNX.N and acquire the
Phoenix team that had been involved in overseeing the assets.
Conning said it will manage about $8 billion in assets
under the deal, under which it will also buy the Phoenix unit
Goodwin Capital Advisers. Terms were not disclosed; the
transaction is expected to close in the fourth quarter.
With the deal, Conning said it will now be managing $85
billion in assets for insurance clients around the world.
That would vault it into third place globally within the
industry, according to Insurance Asset Manager, a website that
covers the sector. Worldwide, according to IAM, the top five
insurance asset manager oversee nearly $650 billion for
(Reporting by Ben Berkowitz, editing by Maureen Bavdek)