Voya Financial Inc. has been exploring a potential acquisition of Alight Inc., just a month after the benefits administrator went public through a special purpose acquisition company, according to people with knowledge of the matter.
Voya, a New York-based retirement fund manager, has recently studied a purchase of Las Vegas-based Alight, the people said, asking not to be identified discussing private information. It isn’t clear whether the companies are in active talks, and there’s no guarantee that any deal will be reached, the people said.
Representatives for New York-based Voya and Alight didn’t respond to requests for comment.
Alight went public in July through a merger with Foley Trasimene Acquisition Corp., a blank-check company started by veteran investor Bill Foley. Alight was valued at $7.3 billion, including debt, in the SPAC merger.
Shares of Alight closed at $10.50 on Tuesday, giving it a market value of almost $5.7 billion. Voya’s shares have risen almost 16% this year for a market value of $7.7 billion.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
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
