M and A
Allianz GI To Take Stake In US Investment House, Shift Assets
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The latest senior wealth management moves and appointments in the North American wealth management industry.
Allianz
Global Investors has agreed to hand over most of its US
business to Voya Financial, the US investment house, in return
for acquiring up to 24 per cent of Voya. The transaction involves
transferring about $120 billion of assets under management.
Under the terms of the agreement, definitive documentation is due
to be completed in the coming weeks. Completion of the
transaction is subject to the usual closing conditions, Allianz
GI said in a statement today.
As part of the move, Allianz GI will transfer investment teams,
select client service and sales teams, and assets under
management to Voya. The investment teams affected by the
transaction manage about $120 billion of assets.
On a pro forma basis, Voya’s assets under management would rise
to about $370 billion.
The addition of Allianz GI’s income and growth, fundamental
equities and private placement teams would complement Voya IM’s
capabilities and investment platforms, including fixed income and
alternatives. Following completion of the transfer, US vehicles
and clients of the transferred investment teams will continue to
be managed and advised by those teams, Allianz GI said.
Another part of the transaction will be creating a global,
long-term, strategic distribution partnership whereby Allianz GI
will distribute Voya IM’s investment strategies outside the
US.
As consideration for the transfer of assets, Allianz GI will
receive an equity stake in Voya IM of up to 24 per cent of the
enlarged US manager. Other financial aspects of the deal were not
disclosed in the statement today. Further details will be
revealed when definitive agreements are carried out.