December 22, 2017

Hartford investment manager takes stake in Denmark firm

Hartford investment management firm Conning said this week it has agreed to acquire a 45 percent stake in Denmark boutique investment manager Global Evolution.

Global Evolution specializes in investment management in emerging and developing countries.

Following the closing, which is expected in early 2018, Global Evolution will continue to operate as an independent entity and founders Søren Rump and Morten Bugge will continue as CEO and CIO, respectively, the companies said Thursday.

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 stability for the firm and continuity in service and performance for clients, the companies said.

Other terms of the deal were not disclosed.

Rump called Conning "the ideal strategic partner" and said it has made "a significant commitment of resources, including enhanced global distribution and capital, that accelerates our growth and enhances the experience for our clients."

Woody Bradford, Conning's CEO, said emerging market debt is "increasingly being accepted as a strategic asset class for investors globally."

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