Voya Investment Management announced last week that it will add approximately $120 billion in assets under management as well as some investment teams. Allianz will acquire a 24% stake in Voya IM.
After a relatively low-risk group of investment funds collapsed in the wake of pandemic market gyrations, Allianz Global Investors US agreed to plead guilty to fraud and pay $5.8 billion in fines and restitution. The guilty plea means it will be "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," according to a statement issued by the Securities and Exchange Commission on Tuesday.
Gregoire Tournant, a former executive at the firm, was arrested Tuesday and charged separately for his role in the alleged scheme to defraud investors, according to Manhattan U.S. Attorney Damian Williams in a separate statement.