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

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Might 17 (Reuters) – U.S. insurance prepare provider Voya Money Inc (VOYA.N) claimed on Tuesday its investment decision management device would acquire more than “a sizeable bulk” of Germany-dependent Allianz’s (ALVG.DE) asset administration business enterprise in the United States.

The announcement arrives right after Allianz agreed to pay about $6 billion and its U.S. asset management device agreed to plead guilty to fraud in excess of the collapse of its multibillion dollar Structured Alpha cash amid marketplace turmoil triggered by the COVID-19 pandemic. examine far more

Voya claimed it has entered into a memorandum of understanding with Allianz International Traders (Allianz GI), the asset administration division of Allianz. Under terms of the proposed partnership, Allianz GI would get a stake of up to 24% in Voya’s expense management business enterprise.

Voya claimed it is anticipating a acquire settlement to be finalized in the subsequent few months.

After the offer, Voya’s financial investment administration unit will take care of almost $370 bln of belongings, the company explained. The prepared acquisition will call for no exterior financing or use of Voya’s excess cash, it included.

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Reporting by Niket Nishant in Bengaluru Editing by Krishna Chandra Eluri

Our Standards: The Thomson Reuters Trust Rules.

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