Voya Investment Management, the asset management business of Voya Financial, Inc. (NYSE: VOYA), announced today that it was selected by Allstate (NYSE: ALL) to manage the firm’s $850 million commercial mortgage portfolio effective Nov. 14, 2022. Allstate will retain ownership of the assets, which will transfer to Voya IM under a separately managed account and the existing assets will remain part of Allstate’s portfolio. Voya will be responsible for future originations consistent with maintaining a target allocation to the asset class on behalf of Allstate.
In addition, as part of the agreement, Allstate will transition approximately seven employees who constitute their commercial mortgage team to Voya Investment Management (Voya IM). These employees will be integrated into Voya IM’s commercial mortgage team, led by Greg Michaud, and will help manage Voya’s commercial mortgage mandates, including the Allstate portfolio.