Allianz SE plans to sell the bulk of the U.S. 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 pandemic market gyrations. The guilty plea means it is “disqualified from providing advisory services to US registered investment funds for the next ten years, and will exit the business of conducting these fund services,” the Securities and Exchange Commission said in a statement Tuesday.
Gregoire Tournant, a former executive with the firm, was taken into custody Tuesday and charged separately for his role in the alleged scheme to defraud investors, Manhattan U.S. Attorney Damian Williams said in a separate statement.
Merrill's latest hires span Colorado to Louisiana, even as industry-wide recruiting data suggests the firm is losing almost as many advisors as it gains.
The $36 million buy allegedly hid inflated books and a $50 million diversion.
“An award citing emotional distress is very unusual,” an industry executive said.
New EBRI research found workers who participated in employer financial education reported higher confidence, literacy and financial satisfaction.
Beyond operational excellence, the winning advisors of the future are the ones who can reach across multiple disciplines without discarding specialist skills.
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