As Voya Investment Management’s new leadership settles into place, the firm maintains an Average Parent rating.
In January 2024, former CEO Christine Hurtsellers retired, and Voya veteran Matt Toms succeeded her. Previously Toms had served as global CIO since 2022, after leading the fixed-income team for more than a decade. CEO Toms quickly bolstered his supporting team by hiring a new CIO, COO, and head of distribution from outside the firm. While leadership changes can be disruptive, the firm is in good hands with Toms at the helm.
Voya’s investment teams have seen elevated levels of turnover in the past two years. The firm’s large fixed-income platform remains the strength of the organization. As new leadership seeks to stay competitive, it has more work to do in other areas. Voya has poured more resources into its equity and multi-asset solutions teams, but these efforts have yet to materialize in stronger portfolios and improved performance.
It also acquired investment teams focused on income and growth, fundamental equity, and private placements from Allianz Global Investors in 2022. Through this transaction, Voya also increased its exposure to investors outside the US, which should boost growth. Also in 2022, Voya purchased Tygh Capital Management, a specialist in small-cap growth equity. These capabilities are intriguing, but their integration with legacy teams remains in the early stages.
Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, Voya (Branding Name ID: BN00000H8C), is covered by Morningstar Manager Research.
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