By Cecilia Butini

Allianz SE has entered into a memorandum of understanding to transfer investment teams and assets under management belonging to its U.S. Subsidiary Allianz Global Investors US to Voya Investment Management, the German insurer and Voya said Tuesday.

According to Voya, the planned strategic partnership is in anticipation of a definitive purchase agreement being finalized in the coming weeks. The proposed transaction will see Voya acquiring Allianz Global Investors U.S. equity and fixed income investment teams, as well as about $120 billion of assets under management consisting of income and growth, fundamental equity, and private placement assets.

"As consideration for the transfer, Allianz Global Investors would receive a stake in the enlarged entity and long-term, global, cross-distribution agreements," Allianz said.

According to Voya, the stake will be up to 24%.

Allianz's U.S. investing division on Tuesday pleaded guilty to defrauding investors and agreed to pay more than $6 billion in penalties and restitutions.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

May 17, 2022 11:28 ET (15:28 GMT)

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