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.
Meanwhile, an advisor tuck-in from Edward Jones expands Kestra's Washington, D.C.-area presence, and Janney deepens its Connecticut footprint with an experienced Wells Fargo advisor.
KFN Succession Center pairs advisors weighing retirement with buyers, as next-gen affordability keeps eroding industry-wide.
New CFA Institute research calls for tougher valuation rules and suitability standards as private credit funds court wealth management clients.
Michigan father-son team with nearly 50 years of combined experience joins LPL, while a New Jersey advisor moves from Ameriprise to RJFS.
UBS expert Sarah Salomon says stewardship is built over time, not handed over in a will.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
