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.
Joel Frank allegedly sold more than $39 million worth of investments in the Equilus Funds to more than 90 investors,
The Charity Parity Act would eliminate a costly IRA rollover requirement that blocks direct charitable transfers from workplace retirement plans.
A last-minute court filing ends a case against the federal tax-collecting agency that had drawn unprecedented conflict-of-interest questions from Democratic critics.
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