will make for an even stronger value proposition for our clients. "Voya IM's expertise in fixed income, including private strategies, and alternative investments - combined with the income and growth, fundamental equity and private placement capabilities of AGI U.S. with Voya IM and our new strategic distribution partnership with AllianzGI, we are excited about the opportunity to provide diverse investment strategies that meet the needs of an even larger, more global client base," said Christine Hurtsellers, chief executive officer, Voya IM. "With the combination of the highly complementary assets and talented teams of AGI U.S. The transaction requires no external financing or use of Voya's excess capital, preserving Voya's future flexibility and opportunities to achieve the company's long-term adjusted operating EPS growth plans.Įxpanded opportunities to serve the investment needs of a diverse client base In addition, Voya IM's adjusted operating margin is expected to increase to 30% - 32%. The transaction is expected to provide several financial benefits for Voya, including immediate, cash accretion to the company's adjusted operating earnings per share (EPS), estimated at 6% - 8% for 2023. AllianzGI has more than 500 relationship managers in 19 locations across Europe and Asia-Pacific.įollowing the transaction, Voya will hold a 76% economic stake and Allianz Group will hold a 24% economic stake in the combined asset manager.Įarnings accretion, margin improvement and continued financial flexibility for Voya asset-based investment strategies to an even larger client base. This arrangement will allow Voya IM to benefit from AllianzGI's diverse, global reach, and enable Voya IM to offer its attractive U.S. In addition, Voya IM and AllianzGI have formed a long-term strategic distribution partnership whereby AllianzGI will distribute Voya IM's investment strategies outside the U.S.
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On a pro forma basis and based on AUM as of March 31, 2022, Voya IM's AUM would increase to approximately $370 billion. Voya IM will also add select distribution and business enablement teams from AGI U.S.
Through the transaction, Voya IM will integrate AGI U.S.'s talented, highly complementary and internationally established income and growth, fundamental equity, and private placement investment teams and the associated assets under management (AUM) into Voya IM. Strategic partnership for global distribution, addition of talented investment teams In addition to the multiple financial benefits - including that the transaction is expected to be immediately accretive to adjusted operating earnings per share and improve Voya IM's operating margin - this agreement will expand the scale and reach of Voya IM." "We are particularly excited to embark on a highly strategic, long-term international distribution partnership with AllianzGI. Martin, Jr., chairman and chief executive officer, Voya Financial, Inc. "This transaction fully aligns with our company's focus on growth and delivering greater value for all of our stakeholders," said Rodney O. AllianzGI and Voya Financial initially announced on that the companies had entered into a memorandum of understanding regarding the strategic partnership. business ("AGI U.S.") with Voya Investment Management ("Voya IM"), the asset management business of Voya Financial. (NYSE: VOYA) ("Voya"), announced today that it has entered into a definitive agreement with Allianz Global Investors ("AllianzGI") whereby Voya will integrate certain assets and teams comprising the substantial majority of its U.S.
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