MutualFundWire.com: With a Deal's Close, a $322B-AUM Firm Gains a Backer

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Tuesday, July 26, 2022

With a Deal's Close, a $322B-AUM Firm Gains a Backer

Fresh from a big, $101-billion-AUM acquisition that was in the works for 69 days, a publicly traded U.S. firm's asset management arm now has about $322 billion in AUM (on a pro forma basis as of June 30) and a new minority backer.

Christine Hurtsellers
Voya Financial
CEO, Investment Management

Yesterday, Rod Martin, chairman and CEO of Voya Financial, Inc., and Tobias Pross, CEO of Allianz Global Investors [profile], confirmed that Voya Investment Management [profile] has purchased the bulk of AllianzGI's U.S. business and brought over the bulk of AllianzGI's U.S. investment teams. Allianz Group (AllianzGI's parent) now owns 24 percent of Voya IM, while Voya itself owns the remaining 76 percent. And per the new strategic partnership, AllianzGI will distribute Voya IM's offerings outside the U.S. and Canada.

Goldman Sachs & Co. LLC, PJT Partners, and BMO Capital Markets advised Voya on the deal. Cleary Gottlieb Steen & Hamilton LLP provided legal counsel to Voya.

A possible deal was first unveiled (via a memorandum of understanding) back in May when AllianzGI settled with the SEC over securities fraud charges. Then the AllianzGI and Voya teams made the engagement official last month. (At the time, the deal was expected to boost Voya IM's AUM by about 48 percent.)

"We are very pleased to have reached today's closing, with the successful transfer of investment teams and assets in a very compressed timeframe. We are grateful and humbled," Pross stated. "We look forward to making the most of the opportunities presented by our partnership with Voya IM."

"In addition to welcoming the talented, highly complementary investment teams to Voya, we look forward to continuing to work closely with AllianzGI through our new, highly strategic, long-term international distribution partnership, which will enable us to provide diverse investment strategies that meet the needs of an even larger, more global client base," Martin stated.

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