NEW YORK–(Organization WIRE)–Voya Economical, Inc. (NYSE: VOYA), introduced right now that it has entered into a definitive arrangement with Cetera Monetary Team, Inc. (Cetera), one particular of the nation’s biggest networks of independently managed broker-sellers, for Cetera to purchase the independent monetary scheduling channel of Voya Financial Advisors (VFA), Voya’s registered investment advisor and broker-supplier. Via the transaction, approximately 900 unbiased financial experts serving retail clients with approximately $40 billion in assets will grow to be portion of Cetera.
The VFA lawful entity and roughly 600 area and telephone-dependent monetary gurus who aid Voya’s Retirement enterprise and shoppers will continue to be with Voya. These men and women offer advice, advice and financial wellness solutions to Voya’s program sponsor customers and their strategy contributors and are core to Voya’s place of work strategy. Exclusively, Voya’s subject and mobile phone-primarily based economical specialists assist Voya’s buyers fulfill their evolving desires with each in-human being fiscal scheduling as properly as Voya’s award-winning digital fiscal wellness resources to offer you more personalized scheduling for employers and their workforce.
The transaction reflects Voya’s elevated target on institutional customers and monetary preparing support that is closely aligned with the worksite, from big to smaller employers across all current market segments and their millions of employees across the U.S.
“At Voya, we are committed to assisting hundreds of thousands of Us citizens increase their fiscal very well-being by supporting their health and fitness and wealth programs by means of the workplace,” explained Rodney O. Martin, Jr., chairman and CEO, Voya Fiscal, Inc. “This transaction is an chance to placement our economic advisory teams for continued accomplishment, with our industry and phone-centered financial experts currently being an important and strategic portion of Voya and enabling us to meet up with the developing money wellness requirements of businesses, employees and their homes. These 600 subject and telephone-based mostly financial pros supply steering to our place of work shoppers as a result of a multi-channel, customized, versatile service design in purchase to provide prospects when, wherever and how they require.”
Voya expects that the transaction will deliver the firm with around $300 million in deployable proceeds at closing.
“The proceeds created by the transaction will increase to our robust excess money position and reinforces the considerable development we have built in concentrating our functions on place of work remedies and institutional clients. In addition to returning extra funds to shareholders, we also will proceed to reinvest in our Retirement, Investment decision Management and Employee Benefits organizations to aid our expansion programs. We think that we are nicely positioned to proceed our optimistic momentum and attain sturdy outcomes for all of our stakeholders,” added Martin.
Voya mentioned that it intends to present much more facts on the transaction all through its fourth-quarter and comprehensive-12 months 2020 earnings phone on Feb. 10, 2021.
The transaction is anticipated to close in the 2nd or third quarter of 2021, subject matter to customary closing conditions, together with regulatory approvals.
Morgan Stanley & Co. LLC is serving as financial advisor, and Cleary Gottlieb Steen & Hamilton LLP is serving as lawful counsel to Voya in connection with this transaction.
About Voya Money®
Voya Economical, Inc. (NYSE: VOYA), assists Us residents strategy, spend and shield their financial savings — to get ready to retire greater. Serving the economic wants of close to 13.8 million particular person and institutional consumers in the United States, Voya is a Fortune 500 company that experienced $7.5 billion in income in 2019. The company experienced $657 billion in overall assets less than management and administration as of Sept. 30, 2020. With a crystal clear mission to make a safe money long run feasible — one human being, a single relatives, 1 establishment at a time — Voya’s vision is to be America’s Retirement Business®. Licensed as a “Great Location to Work” by the Good Put to Operate® Institute, Voya is similarly dedicated to conducting small business in a way that is socially, environmentally, economically and ethically responsible. Voya has been regarded as a 2020 World’s Most Admired Company by Fortune magazine just one of the 2020 World’s Most Moral Companies® by the Ethisphere Institute as a member of the Bloomberg Gender Equality Index and as a “Best Place to Get the job done for Disability Inclusion” on the Disability Equality Index by Disability:IN. For additional info, visit voya.com. Comply with Voya Economic on Fb, LinkedIn and Twitter @Voya.
Ahead-Hunting and Other Cautionary Statements
This press launch contains forward-looking statements inside the this means of the Non-public Securities Litigation Reform Act of 1995. The organization does not suppose any obligation to revise or update these statements to mirror new information, subsequent gatherings or improvements in approach. Forward-searching statements include things like statements relating to long run developments in our small business or expectations for our future money efficiency and any assertion not involving a historic truth. Forward-looking statements use words and phrases these kinds of as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and other phrases and terms of comparable that means in relationship with a dialogue of foreseeable future working or fiscal overall performance. Actual benefits, functionality or events may perhaps differ materially from these projected in any forward-hunting statement due to, amid other issues, (i) normal financial ailments, significantly economic problems in our core markets, (ii) functionality of money markets, (iii) the frequency and severity of insured decline events, (iv) the effects of all-natural or male-built disasters, together with pandemic occasions and specially the existing COVID-19 pandemic celebration, (v) mortality and morbidity ranges, (vi) persistency and lapse degrees, (vii) fascination premiums, (viii) currency exchange rates, (ix) standard competitive things, (x) changes in legislation and laws, these as individuals relating to Federal taxation, condition coverage rules and NAIC regulations and pointers, (xi) variations in the guidelines of governments and/or regulatory authorities, and (xii) our means to properly deal with the separation of our specific life and legacy variable annuities companies on the anticipated timeline and economic terms. Elements that may well lead to actual final results to differ from those in any forward-searching statement also include things like those explained below “Risk Factors” and “Management’s Discussion and Assessment of Effects of Functions and Financial Situation (“MD&A”) – Trends and Uncertainties” in our Annual Report on Sort 10-K for the yr finished Dec. 31, 2019, as filed with the Securities and Exchange Commission (“SEC”) on Feb. 21, 2020, and in our Quarterly Report on Sort 10-Q for the a few months finished Sept. 30, 2020, submitted with the SEC on Nov. 5, 2020.