Voya Investment Management (Voya IM) has decided to exit the U.S. offshore market. The firm, active in this segment through its alliance with AllianzGI since June 2022, will therefore cease distribution of the European manager’s UCITS funds. However, the global distribution agreement for other markets remains in place, meaning AllianzGI will continue to sell Voya IM’s strategies outside the U.S. market.
“AllianzGI and Voya IM jointly agreed, following a comprehensive review of their offshore distribution business, to transfer commercial coverage of Luxembourg-domiciled vehicles to AllianzGI. This decision is based on the domicile of the strategies offered, as well as increasing regulatory complexity, and is in the best interest of the clients we serve. AllianzGI and Voya IM are confident that this new approach will strengthen our successful alliance by ensuring a smoother and more seamless operating model for our distribution partners. All other terms and conditions governing the alliance between AllianzGI and Voya IM remain fully in effect,” explained Voya IM.
The alliance between Voya IM and AllianzGI is a global strategic agreement that began over three years ago, allowing AllianzGI to expand the range of U.S.-managed investment strategies available to clients worldwide. Additionally, as part of the agreement, AllianzGI transferred part of its U.S. business and, in return for the asset transfer, Allianz Group received a 24% stake in the expanded U.S. asset manager Voya IM.
