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

May perhaps 17 (Reuters) – U.S. insurance policies approach supplier Voya Economic Inc (VOYA.N) stated on Tuesday its investment decision administration unit would choose over “a considerable the vast majority” of Germany-primarily based Allianz’s (ALVG.DE) asset administration business in the United States.

The announcement arrives right after Allianz agreed to pay out about $6 billion and its U.S. asset administration device agreed to plead responsible to fraud above the collapse of its multibillion greenback Structured Alpha resources amid marketplace turmoil triggered by the COVID-19 pandemic. read through extra

Voya mentioned it has entered into a memorandum of knowledge with Allianz International Buyers (Allianz GI), the asset administration division of Allianz. Less than conditions of the proposed partnership, Allianz GI would get a stake of up to 24% in Voya’s financial investment management business enterprise.

Voya mentioned it is anticipating a buy agreement to be finalized in the up coming few months.

Right after the offer, Voya’s investment decision administration device will manage just about $370 bln of belongings, the organization claimed. The prepared acquisition will involve no external financing or use of Voya’s surplus cash, it included.

Reporting by Niket Nishant in Bengaluru Editing by Krishna Chandra Eluri

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