Voya Financial, Inc, announced that it has completed its previously announced transfer of certain assets and teams comprising the substantial majority of Allianz Global Investors’ (“AllianzGI”) U.S. business (“AGI U.S.”) to Voya Investment Management (“Voya IM”), the asset management business of Voya Financial. AllianzGI and Voya Financial announced on June 13, 2022 that the companies had entered into a definitive agreement regarding the strategic partnership.
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Specifically, Voya IM has transferred AGI U.S.’s income and growth, fundamental equity, and private placement investment teams and the associated assets under management (AUM) into Voya IM. The assets that have transferred to Voya represent approximately 95% client asset retention since the transaction was initially announced. In addition, Voya IM and AllianzGI have formed a long-term, strategic distribution partnership whereby AllianzGI will distribute Voya IM’s investment strategies outside the U.S. and Canada.
“We are excited to have reached this important milestone in our transaction with AllianzGI,” said Rodney O. Martin, Jr., chairman and chief executive officer, Voya Financial, Inc. “In addition to welcoming the talented, highly complementary investment teams to Voya, we look forward to continuing to work closely with AllianzGI through our new, highly strategic, long-term international distribution partnership, which will enable us to provide diverse investment strategies that meet the needs of an even larger, more global client base. This transaction will provide several benefits to all of our stakeholders, including our employees, shareholders, clients and intermediaries.”
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On a pro forma basis and based on AUM as of June 30, 2022, Voya IM’s AUM has increased to approximately $322 billion, which consists of approximately 44% public fixed income; 24% private fixed income; 25% equity; 6% alternatives; and 1% money market assets. The economic impact and benefits of the transferred business will be reflected in Voya’s financial results beginning in the third quarter of 2022. Voya and Allianz Group now hold 76% and 24%, respectively, economic stakes in Voya’s asset management business.
Voya plans to provide further details on the transaction during its second-quarter 2022 earnings call on Wednesday, Aug. 3, 2022.
Goldman Sachs & Co. LLC is serving as financial advisor and Cleary Gottlieb Steen & Hamilton LLP is serving as legal counsel to Voya in connection with this transaction. PJT Partners and BMO Capital Markets are also providing advisory services in connection with the transaction.
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