Cathay Financial Holdings, the Taiwan financial holding firm, has appointed a new chief investment officer for its joint venture with US asset manager Conning in Asia.

Timothy Matson is now CIO of Cathay Conning Asset Management, which in 24 February received approval from the Hong Kong Securities and Futures Commission to set up shop in the island city and expand its coverage of the Asia-Pacific region. 

Matson joins the firm from ING Insurance in the US where he served as head of investments, with responsibility over strategic asset allocation and advising on investments for the US general account. Before that, he worked for ten years in Asia, most recently as regional head of fixed income for ING Investment Management in Hong Kong. He also previously held senior roles at Aetna International's insurance unit in Kuala Lumpur.

Matson's hire represents a milestone for the company as it moves to expand its asset management coverage of the fast-growing Asia-Pacific region, Cathay Conning said in a statement. He will be working closely with Russell Busst, the newly-hired CIO for Europe, and Richard Sega, the US CIO, to executive the firm's global investment strategy.

Cathay Conning Asset Management is owned by Cathay Financial Holdings and Conning in a 50-50 joint venture deal. As of 31 December 2011, Cathay Financial holds $166 billion in total assets for some 12 million clients, while Conning records $88 billion in AuM.