Voya Financial is acquiring most of Allianz Global Investors' U.S. investment management team and business, adding $120 billion in assets under management for Voya Investment Management.
AllianzGI will receive an up to 24% stake in Voya Investment Management for the acquisition.
The news came immediately after the Securities and Exchange Commission announced it had charged Allianz Global Investors with a "massive fraudulent scheme" that bars the manager from providing investment advisory services in the U.S. for 10 years.
"Definitive documentation is anticipated to be finalized in the coming weeks, and completion of the transaction is subject to customary closing conditions," according to an AllianzGI news release Tuesday.
More information to follow.