Allstate Selects Voya Investment Management for Portfolio Mandate

Rhea-AI Summary

Voya Investment Management has been chosen by Allstate to manage its $850 million commercial mortgage portfolio, effective Nov. 14, 2022. Allstate retains ownership while Voya IM takes over management through a separately managed account. Approximately seven Allstate employees will join Voya’s team to handle this portfolio. Allstate's Managing Director emphasized the need for Voya’s proven expertise in commercial mortgage management, citing recent sales of assets making internal management less optimal. Voya manages approximately $330 billion in assets across various strategies.

Positive

• Voya IM has secured management of an $850 million portfolio, enhancing its asset management stature.
• Integration of Allstate's commercial mortgage team expands Voya's operational capabilities and expertise.
• Allstate's endorsement indicates strong confidence in Voya's investment management proficiency.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- 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.

“We are very excited that Voya IM was selected to manage this important mandate from Allstate. We have an incredibly talented team at Voya, and Allstate’s trust in us is a testament to that fact,” said Michaud. “I look forward to their high-quality investment team joining ours to help us grow this critical investment sector for our firm.”

“Our commercial mortgage portfolio has demonstrated outstanding performance over time and the asset class remains an attractive allocation in the portfolio. However, a substantial proportion of our commercial mortgage assets were held in our life company entities, which were sold last year, and it is no longer optimal to maintain this capability internally,” said Mike Moran, Managing Director & Vice President of Allstate’s Real Estate Investment Group. “Voya IM has a large and active mortgage loan platform with significant third-party asset management capabilities, providing both sound stewardship of our assets and career growth opportunities for our highly talented commercial mortgage team.”

About Voya Investment Management

Voya Investment Management manages approximately $330 billion* in assets across public and private fixed income, equities, multi-asset solutions and alternative strategies for institutions, financial intermediaries and individual investors, drawing on a 50-year legacy of active investing and the expertise of 300+ investment professionals. Named a Best Place to Work in Money Management by Pensions & Investments for seven consecutive years, Voya IM has cultivated a culture grounded in a commitment to understanding and anticipating clients’ needs, producing strong investment performance, and embedding diversity, equity and inclusion in its business. (*AUM as of 6/30/22, reflecting pro forma assets of Voya IM and select strategies of Allianz Global Investors U.S., integrated as of 7/25/22.)

About Allstate Investments

Allstate Investments spans a diverse, talented group of 300+ professionals well-qualified to support our investing and operating activities. Our collective team experience covers a broad array of asset classes, industries, sectors and geographies. We have a proven track record of delivering strong results by taking a client-centered, proactive, innovative, and flexible approach to investing. Beyond who we are, it’s where we are. We believe a global presence sharpens our investment expertise, which is why, along with our Chicago-area headquarters, we also have an office in London. With eyes and ears across time zones, we keep a steadfast pulse on the market. We’re also proud to partner with top tier global asset managers and sponsors to extend our investing capabilities.

VOYA-IM

View source version on businesswire.com: https://www.businesswire.com/news/home/20221025005595/en/

Media:

Kristopher Kagel

(212) 309-6568

Kristopher.Kagel@voya.com

Source: Voya Financial, Inc.

FAQ

What is Voya managing for Allstate?

Voya Investment Management has been selected to manage Allstate's $850 million commercial mortgage portfolio.

When does Voya start managing Allstate's portfolio?

Voya will effectively manage Allstate's portfolio starting Nov. 14, 2022.

How many employees will transition from Allstate to Voya?

Approximately seven employees from Allstate's commercial mortgage team will transition to Voya.

What assets does Voya Investment Management oversee?

Voya Investment Management manages approximately $330 billion in assets across various investment strategies.