MILAN, July 6 (Reuters) - Generali (GASI.MI) has agreed to buy Connecticut-based asset manager Conning Holdings as part of a partnership with Cathay Life, a unit of Taiwan's Cathay Financial Holding (2882.TW), the Italian insurer said on Thursday. Cathay Life will become a minority shareholder in Generali Investments Holding, which comprises the majority of the group's asset management activities, with a stake of around 16.75%, Generali said. Furthermore Generali will become one of the top 10 players in asset management in Europe, he added. Generali and Cathay Life will enter an asset management agreement for at least 10 years. The acquisition of Conning and its affiliates increases Generali's total Assets Under Management (AUM) to $845 billion (775 billion euros), up from 620 billion euros at the end of March.

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Persons: Philippe Donnet's, Generali, Carlo Trabattoni, Woody Bradford, Gianluca Semeraro, Valentina Za, Keith Weir Organizations: MILAN, Holdings, Cathay Life, Cathay Financial, Cathay, Generali Investments, Wealth Management, Generali, Thomson Locations: Connecticut, United States, Europe, Asia