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

May 17, 2022, 2:57 PM

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 ...