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  2. MONEY MANAGEMENT
May 17, 2022 10:59 AM

AllianzGI unloads U.S. business to Voya following SEC charges

Rob Kozlowski
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    A lighted Allianz logo on the side of an office building at dusk
    Bloomberg

    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.

    Related Article
    AllianzGI to pay $6 billion as part of SEC guilty plea, sells U.S. business to Voya
    Allianz sets aside $2 billion more over Structured Alpha funds collapse
    Allianz fires fund managers after multibillion-dollar blowup
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    October 23, 2023 page one

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