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.

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Reporting by Niket Nishant in Bengaluru Editing by Krishna Chandra Eluri

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