Allianz to Sell US Fund Management Unit to Voya After SEC Ban

Allianz SE plans to sell the bulk of the US piece of its Allianz Global Investors business to Voya Financial Inc. after it was banned for a decade from some fund services in the nation.

Voya Investment Management will add about $120 billion of assets under management as well as some investment teams, the company said in a statement Tuesday. Allianz will take a 24% stake in Voya IM.

Allianz Global Investors US agreed to plead guilty to fraud and pay $5.8 billion in fines and restitution after a relatively low-risk group of investment funds collapsed in the wake of ...