NEW YORK–(Business WIRE)–Voya Money, Inc. (NYSE: VOYA), introduced today that it has entered into a definitive arrangement with Cetera Economical Group, Inc. (Cetera), one of the nation’s premier networks of independently managed broker-dealers, for Cetera to get the independent money planning channel of Voya Fiscal Advisors (VFA), Voya’s registered financial commitment advisor and broker-seller. By the transaction, roughly 900 impartial money experts serving retail customers with roughly $40 billion in assets will turn into element of Cetera.
The VFA legal entity and about 600 industry and cell phone-centered monetary professionals who assist Voya’s Retirement organization and clientele will keep on being with Voya. These individuals offer steerage, tips and money wellness solutions to Voya’s approach sponsor consumers and their prepare participants and are core to Voya’s office technique. Especially, Voya’s field and phone-based economical professionals assistance Voya’s shoppers fulfill their evolving wants with each in-individual economic arranging as nicely as Voya’s award-winning digital economic wellness instruments to present much more personalised preparing for businesses and their staff members.
The transaction demonstrates Voya’s increased emphasis on institutional consumers and economic planning support that is carefully aligned with the worksite, from substantial to compact businesses across all current market segments and their thousands and thousands of employees across the U.S.
“At Voya, we are dedicated to helping tens of millions of Individuals improve their economic well-currently being by supporting their well being and prosperity courses through the workplace,” reported Rodney O. Martin, Jr., chairman and CEO, Voya Monetary, Inc. “This transaction is an chance to situation our monetary advisory groups for ongoing achievement, with our industry and cellular phone-based economical industry experts getting an significant and strategic section of Voya and enabling us to meet the rising financial wellness desires of businesses, staff members and their households. These 600 industry and cell phone-dependent fiscal pros provide guidance to our office customers via a multi-channel, customized, flexible company design in purchase to serve buyers when, where and how they want.”
Voya expects that the transaction will deliver the corporation with above $300 million in deployable proceeds at closing.
“The proceeds created by the transaction will incorporate to our powerful extra money situation and reinforces the important development we have created in concentrating our functions on office options and institutional consumers. In addition to returning surplus cash to shareholders, we also will proceed to reinvest in our Retirement, Expense Administration and Worker Rewards organizations to guidance our advancement strategies. We believe that that we are effectively positioned to continue our favourable momentum and attain sturdy results for all of our stakeholders,” added Martin.
Voya mentioned that it intends to present more particulars on the transaction for the duration of its fourth-quarter and total-year 2020 earnings call on Feb. 10, 2021.
The transaction is envisioned to near in the second or third quarter of 2021, subject to customary closing ailments, like regulatory approvals.
Morgan Stanley & Co. LLC is serving as monetary advisor, and Cleary Gottlieb Steen & Hamilton LLP is serving as lawful counsel to Voya in relationship with this transaction.
About Voya Money®
Voya Economic, Inc. (NYSE: VOYA), can help Individuals approach, spend and shield their savings — to get completely ready to retire much better. Serving the economic requirements of roughly 13.8 million individual and institutional consumers in the United States, Voya is a Fortune 500 corporation that had $7.5 billion in profits in 2019. The corporation experienced $657 billion in overall belongings underneath administration and administration as of Sept. 30, 2020. With a apparent mission to make a secure economical future doable — 1 man or woman, one particular family members, a single institution at a time — Voya’s vision is to be America’s Retirement Organization®. Qualified as a “Great Area to Work” by the Great Spot to Function® Institute, Voya is similarly committed to conducting business enterprise in a way that is socially, environmentally, economically and ethically accountable. Voya has been regarded as a 2020 World’s Most Admired Business by Fortune magazine 1 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 Put to Operate for Incapacity Inclusion” on the Incapacity Equality Index by Disability:IN. For extra facts, check out voya.com. Comply with Voya Economic on Facebook, LinkedIn and Twitter @Voya.
Ahead-Seeking and Other Cautionary Statements
This push release contains forward-on the lookout statements within just the that means of the Private Securities Litigation Reform Act of 1995. The company does not suppose any obligation to revise or update these statements to mirror new data, subsequent situations or adjustments in system. Forward-looking statements include statements relating to foreseeable future developments in our business enterprise or expectations for our future economical functionality and any statement not involving a historical reality. Forward-wanting statements use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and other words and terms of similar this means in relationship with a dialogue of potential functioning or economic functionality. Precise success, functionality or activities might differ materially from those projected in any ahead-looking statement thanks to, among other points, (i) normal financial circumstances, significantly financial problems in our core markets, (ii) performance of fiscal marketplaces, (iii) the frequency and severity of insured reduction events, (iv) the effects of purely natural or person-produced disasters, which include pandemic activities and exclusively the existing COVID-19 pandemic occasion, (v) mortality and morbidity concentrations, (vi) persistency and lapse ranges, (vii) desire costs, (viii) currency exchange prices, (ix) standard competitive factors, (x) adjustments in regulations and restrictions, this kind of as individuals relating to Federal taxation, condition coverage restrictions and NAIC restrictions and recommendations, (xi) changes in the insurance policies of governments and/or regulatory authorities, and (xii) our capacity to productively handle the separation of our unique existence and legacy variable annuities corporations on the anticipated timeline and financial phrases. Factors that may perhaps lead to true outcomes to differ from individuals in any ahead-hunting assertion also include all those described below “Risk Factors” and “Management’s Dialogue and Evaluation of Benefits of Functions and Monetary Issue (“MD&A”) – Trends and Uncertainties” in our Once-a-year Report on Form 10-K for the 12 months finished Dec. 31, 2019, as submitted with the Securities and Exchange Commission (“SEC”) on Feb. 21, 2020, and in our Quarterly Report on Form 10-Q for the a few months finished Sept. 30, 2020, filed with the SEC on Nov. 5, 2020.