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

ByKristen Amber

May 24, 2022 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,


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.

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Reporting by Niket Nishant in Bengaluru Modifying by Krishna Chandra Eluri

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