On May 17, 2022 Voya Financial announced plans to enter a long-term partnership with Allianz Global Investors.
Under the terms of the transaction the asset management Voya Investment Management (“Voya IM”), the asset management division of Voya Financial (“Voya”), will acquire a stake in the United States business of Allianz Global Investors (“AGI”). The deal will see a number of investment management and client service professionals join Voya from AGI’s United States business. In return, AGI will receive a 24% stake in Voya IM. Further terms were not disclosed.
Voya (NYSE: VOYA), based in New York, is a financial, retirement, and insurance company. As of March 31, 2022, Voya had approximately $707 billion in assets under management and administration.
AGI, based in New York, is an investment management firm. As of March 31, AGI had approximately $671 billion in assets under management. BofA Securities acted as financial adviser to AGI on the transaction.
To read the press release: please click here.