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May perhaps 17 (Reuters) – U.S. insurance policies program service provider Voya Monetary Inc (VOYA.N) claimed on Tuesday its financial investment administration unit would consider more than “a significant vast majority” of Germany-based Allianz’s (ALVG.DE) asset management small business in the United States.
The announcement comes soon after Allianz agreed to pay about $6 billion and its U.S. asset management unit agreed to plead responsible to fraud over the collapse of its multibillion greenback Structured Alpha cash amid market turmoil induced by the COVID-19 pandemic. read far more
Voya reported it has entered into a memorandum of knowing with Allianz Worldwide 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 administration business.
Voya said it is anticipating a purchase settlement to be finalized in the next couple months.
Following the offer, Voya’s expenditure management unit will regulate virtually $370 bln of property, the business mentioned. The planned acquisition will involve no exterior funding or use of Voya’s surplus money, it added.
Reporting by Niket Nishant in Bengaluru Modifying by Krishna Chandra Eluri
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