Bloomberg reports the Federal Reserve’s “tightening campaign has slowed deal-making activity in commercial real estate markets, leading Wall Street syndicates to forecast a fall in sales of the bonds that securitize the underlying mortgages.” In an interview, Voya Investment Management Securitized Credit Head David Goodson said, “This was one of the few subsectors that was running above trend through the first half of the year, and the market was just saturated with CMBS supply, so the pullback in issuance expectations has been a good thing.”
CNBC reports Voya Investment CIO Paul Zemsky “joins CNBC’s ‘Squawk Box’ to discuss how investors should navigate more economic tightening from the Federal Reserve.”
BNN Bloomberg reported the U.S. mortgage industry is “seeing its first lenders go out of business after a sudden spike in lending rates, and the wave of failures that’s coming could be the worst since the housing bubble burst about 15 years ago.” Voya Securitized Credit Head David Goodson said, “Part of the reason these companies are distressed is because the loans can’t go to the GSEs for funding. The options for funding are more limited, which is especially painful when financial conditions are tightening.”
Voya Investment Management (Voya IM), the asset management business of Voya Financial, Inc. (NYSE: VOYA), announced today that it has signed a definitive agreement to acquire Czech Asset Management, L.P. (CAM), a leading private credit asset manager dedicated to the U.S. middle market.
“At Voya IM, continuing to build out our range of innovative, private markets and alternative capabilities has been a strategic focus and growth driver for our firm and the industry at large,” said Christine Hurtsellers, chief executive officer, Voya IM. “The team at CAM will complement our leading fixed income platform and accelerate the expansion of our private and leveraged credit franchise across institutional, insurance and retail channels.”
With more than $5 billion of committed capital across four funds since its founding in 2011, CAM specializes in providing privately negotiated first and second lien floating rate senior secured loans primarily to U.S. middle market companies. The CAM team brings to Voya IM strong relationships with a robust group of investment partnerships, including public and private pension funds, endowments, foundations, religious organizations and Taft Hartley plans.
Voya Financial completes transfer of majority of Allianz Global Investors’ U.S. business; begins new strategic distribution partnership
Voya Financial, Inc. (NYSE: VOYA) (“Voya”), announced today that it has completed its previously announced transfer of certain assets and teams comprising the substantial majority of Allianz Global Investors’ (“AllianzGI”) U.S. business (“AGI U.S.”) to Voya Investment Management (“Voya IM”), the asset management business of Voya Financial. AllianzGI and Voya Financial announced on June 13, 2022 that the companies had entered into a definitive agreement regarding the strategic partnership.
Pensions & Investments reports, “Two-third of money management deals took place in the second quarter of 2022.” Voya Financial in the second quarter “agreed to acquire most of Allianz Global Investors’ U.S. investment management business, and AllianzGI would acquire up to a 24% stake in Voya Investment Management.”
Voya Financial, Inc. (NYSE: VOYA), the leading health, wealth and investment company, announced today that its board of directors has appointed Heather Lavallee, 52, currently chief executive officer (CEO) of Voya’s Wealth Solutions business, to succeed Rodney O. Martin, Jr., 70, as the company’s CEO as part of Voya’s planned succession process. Lavallee, who has been appointed Voya’s president and CEO-elect, will become CEO on Jan. 1, 2023, when Martin, who also serves as chairman of Voya’s board of directors, will assume the role of executive chairman. Lavallee has also been appointed to Voya’s board of directors as of today.
Bloomberg reports that “June has been the worst month for U.S. corporate bonds since the start of the pandemic, by at least one measure, but investors like ... Voya Investment Management think it’s too soon to hunt for bargains.” Voya head of U.S. investment-grade corporates Travis King said that with the odds of a recession rising, current corporate debt prices “don’t adequately reflect the risk” of a sustained downturn. King believes that average risk premium spreads below 1.50 percentage points “now feel too low.”
Voya Financial, Inc. announced today that it has entered into a definitive agreement with Allianz Global Investors (“AllianzGI”) whereby Voya will integrate certain assets and teams comprising the substantial majority of its U.S. business (“AGI U.S.”) with Voya Investment Management (“Voya IM”), the asset management business of Voya Financial. AllianzGI and Voya Financial initially announced on May 17, 2022 that the companies had entered into a memorandum of understanding regarding the strategic partnership.
“This transaction fully aligns with our company’s focus on growth and delivering greater value for all of our stakeholders,” said Rodney O. Martin, Jr., chairman and chief executive officer, Voya Financial, Inc. “We are particularly excited to embark on a highly strategic, long-term international distribution partnership with AllianzGI. In addition to the multiple financial benefits — including that the transaction is expected to be immediately accretive to adjusted operating earnings per share and improve Voya IM’s operating margin — this agreement will expand the scale and reach of Voya IM.”