December 7, 2022

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Voya plans to buy majority of Allianz’s U.S. asset management business

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Might 17 (Reuters) – U.S. insurance plan strategy provider Voya Financial Inc (VOYA.N) explained on Tuesday its expense administration device would consider in excess of “a significant the greater part” of Germany-based mostly Allianz’s (ALVG.DE) asset administration enterprise in the United States.

The announcement comes soon after Allianz agreed to pay back about $6 billion and its U.S. asset management unit agreed to plead responsible to fraud above the collapse of its multibillion dollar Structured Alpha money amid market place turmoil induced by the COVID-19 pandemic. read a lot more

Voya explained it has entered into a memorandum of understanding with Allianz International Traders (Allianz GI), the asset administration division of Allianz. Below phrases of the proposed partnership, Allianz GI would get a stake of up to 24% in Voya’s investment decision management small business.

Voya said it is anticipating a obtain agreement to be finalized in the subsequent number of weeks.

Following the offer, Voya’s investment administration unit will control virtually $370 bln of property, the corporation said. The planned acquisition will involve no exterior financing or use of Voya’s surplus cash, it added.

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Reporting by Niket Nishant in Bengaluru Enhancing by Krishna Chandra Eluri

Our Expectations: The Thomson Reuters Have confidence in Concepts.

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