Cathay Financial's Conning Adds JPMorgan's Rana for Pension Role

  • Rana will work with institutional investors including pensions
  • Rana previously led liability-driven solutions at JPMorgan

Conning, the asset manager acquired by Cathay Financial Holding Co., hired JPMorgan Chase & Co.’s Owais Rana to lead its pensions and liability-driven investment solutions, as the company seeks to expand its offerings.

Rana will be responsible for working with pension plans and other institutional investors, Hartford, Connecticut-based Conning said Monday in a statement. He previously served as the global head of liability-driven solutions at JPMorgan Asset Management.

Conning, which oversees about $93 billion of assets and focuses on the insurance industry, has been expanding has been expanding and diversifying since it was taken over by the Taipei-based financial firm this year. Chief Executive Officer Woody Bradford agreed this month to purchase Octagon Credit Investors to push into below-investment-grade debt markets.

“Establishing an LDI solutions business will expand Conning’s offerings and distribution channels, and build on many of the investment and risk management capabilities that we provide to the insurance industry today,” Bradford said in the statement.

JPMorgan is reshaping its leadership for institutional solutions. Matt Malloy, who was global head of the business and worked with insurers and pensions, departed this year for Neuberger Berman, and the bank hasn’t yet announced his replacement. Tony Gould, global head of pensions solutions and advisory has assumed Rana’s responsibilities, according to a person familiar with the move who asked not to be identified discussing personnel shifts.

Risk Transfer

Rana previously worked at Hewitt Associates as an investment consultant and holds a bachelor’s degree from the London School of Economics and Political Science. He said that Conning will work with firms that are seeking deals to transfer their employee-retirement obligations.

“Conning has extensive experience in structuring and managing customized investment solutions for the insurance industry,” he said in the statement. “The firm also has a strong track record in managing corporate credit. These capabilities will enable Conning to offer a differentiated LDI solution to the pension marketplace.”

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