(Boursier.com) — Allianz Global Investors announces today that it has entered into a Memorandum of Understanding with Voya Financial regarding a strategic partnership.
As part of this, AllianzGI would transfer certain investment teams and assets that make up the bulk of its US operations to Voya Investment Management in exchange for up to a 24% stake in the expanded management company.
Definitive documentation is expected to be finalized in the coming weeks, and completion of the transaction is subject to customary closing conditions.
The partnership would include the transfer of complementary and internationally established investment teams, selected client service professionals and sales forces, and associated assets under management, from AGI US to Voya IM. The relevant investment teams, which include Income & Growth, Fundamental Equities and Private Placements, manage approximately $120 billion. On a pro forma basis, Voya IM’s assets under management would grow to approximately $370 billion.
The addition of AllianzGI’s Income & Growth, Fundamental Equities and Private Equity teams would complement Voya IM’s existing investment capabilities and platforms, including Fixed Income and Alternatives. Once the transfer is completed, the US vehicles and clients of the transferred investment teams would continue to be managed and advised by those teams.
A second important pillar will be the establishment of a long-term global strategic distribution partnership, whereby AllianzGI will distribute Voya IM’s investment strategies outside of the United States, providing its global client base with a wider range of strategies. additional investment.
For its part, AllianzGI will take a stake in Voya IM of up to 24% of the enlarged American manager.
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