Voya Investment Management is a New York-based registered investment advisor that manages investments for institutions and individual clients. With 206 investment advisors, Voya Investment Management covers a wide range of investment strategies, including equity, fixed income, real estate and hard currency.
All information included in this review is accurate as of March 18, 2020. For more information, please consult the Voya Investment Management website.
|Assets under management: $108,248,624,160|
|Minimum investment: $1,000, no minimum on some investment types|
|Fee structure: Assets under management|
|Headquarters location: 230 Park Ave||New York, NY 10169
Voya Investment Management got its start in 1972 when it was known as Aetna Capital Management. For many years the firm was a subsidiary of Amsterdam-based ING Holdings. But when ING began divesting its U.S. retirement, investment and insurance business in 2013, the firm rebranded to Voya, an abstract name meant to evoke the image of a â€śvoyage.â€ť
Today, Voya Investment Management Co. LLC is a registered investment advisor and is a wholly-owned subsidiary of Voya Holdings, which is in turn a wholly-owned subsidiary of Voya Financial Inc. (VOYA), a publicly traded company.
Voya Investment Management largely caters to institutional clients in its role as an advisor and sub-advisor. The firm manages the investments of other investment companies. In addition, Voya provides investment management directly to state and municipal governments, insurance companies, corporations, pensions, charitable organizations and banks and thrift institutions. Only about 2% of the amount of assets Voya manages is on behalf of individual investors.
Voya primarily charges a percentage of assets under management, though the firm also charges performance-based fees in some instances.
For institutional clients, Voyaâ€™s minimum ranges from $25 million to $100 million. Investors in R share classes, available through qualified retirement accounts, have no investment minimum. When it comes to mutual funds for individual investors, Voya typically has a $1,000 minimum.
For individual investors, Voya has a lineup of over 40 mutual funds covering such diverse asset classes as equities, infrastructure, real estate, hard currency and bonds. In addition, the company maintains a roster of target-date funds whose end dates range from 2020 to 2060 in five-year increments.
Alongside traditional mutual funds, many of these strategies also come in 40 variable portfolios that are available exclusively within variable annuity contracts.
Voya also provides portfolio management services to investment companies, small businesses, pooled investment vehicles, large businesses, selection of other advisors including private mutual fund managers and publications and newsletters.
For individual investors, Voya provides the following services:
Voya runs a number of index funds and strategies. For actively-managed strategies, Voya seeks to uncover value before the rest of the market. Voya uses the insights of its analysts for fundamental research into these hidden opportunities.
In addition, Voya has a number of equal-weighted funds. Unlike market-weighted portfolios, the strategy most index funds follow, equal-weighted funds allocate the same amount of assets to each name in the portfolio. The strategy is intended to minimize concentration in the marketâ€™s largest companies. Voyaâ€™s Corporate Leaders 100 and Global Perspective are two funds that employ this strategy.
In fixed income, Voya applies a macro view alongside bottom up security selection. In addition, Voya applies environmental, social and governance factors in its security selection when the managers believe itâ€™s appropriate.
|Portfolio/Fund Name||Investment Strategy|
|Voya CBRE Global Infrastructure||Infrastructure|
|Voya Corporate Leaders 100||Large Blend|
|Voya Diversified Emerging Markets Debt||Emerging Markets Bond|
|Voya Emerging Markets Hard Currency Debt||Emerging Markets Bond|
|Voya Floating Rate||Bank Loan|
|Voya GNMA Income||Intermediate Government|
|Voya Global Bond||World Bond|
|Voya Global Corporate Leaders||World Large Stock|
|Voya Global Diversified Payment||World Allocation|
|Voya Global Equity Dividend||World Large Stock|
|Voya Global Equity||World Large Stock|
|Voya Global Multi-Asset||World Allocation|
|Voya Global Perspectives Fund||World Allocation|
|Voya Global Real Estate||Global Real Estate|
|Voya High Yield Bond||High Yield Bond|
|Voya Intermediate Bond||Intermediate Core-Plus Bond|
|Voya International High Dividend Low Volatility||Foreign Large Value|
|Voya Investment Grade Credit||Corporate Bond|
|Voya Large-Cap Growth||Large Growth|
|Voya Large Cap Value||Large Value|
|Voya MidCap Opportunities||Mid-Cap Growth|
|Voya Mid Cap Research Enhanced Index||Mid-Cap Blend|
|Voya Multi-Manager Emerging Markets Equity||Diversified Emerging Markets|
|Voya Multi-Manager International Small Cap||Foreign Small/Mid Blend|
|Voya Real Estate||Real Estate|
|Voya Russia||Miscellaneous Region|
|Voya SMID Cap Growth||Mid-Cap Growth|
|Voya Securitized Credit||Multisector Bond|
|Voya Short Term Bond||Short-Term Bond|
|Voya SmallCap Opportunities||Small Growth|
|Voya Small Company||Small Blend|
|Voya Strategic Income Opportunities||Nontraditional Bond|
|Voya Target In-Retirement||Target-Date Retirement|
|Voya Target Retirement 2020||Target-Date 2020|
|Voya Target Retirement 2025||Target-Date 2025|
|Voya Target Retirement 2030||Target-Date 2030|
|Voya Target Retirement 2035||Target-Date 2035|
|Voya Target Retirement 2040||Target-Date 2040|
|Voya Target Retirement 2045||Target-Date 2045|
|Voya Target Retirement 2050||Target-Date 2050|
|Voya Target Retirement 2055||Target-Date 2060|
|Voya U.S. High Dividend Low Volatility||Large Value|
Typically, Voya Investment Management charges a percentage of AUM to manage clientsâ€™ money, though sometimes Voya has other billing arrangements in place.
For individual investors in Voyaâ€™s mutual funds, fees range from around 0.50% for the target date funds to 2.00% for the Voya Russia Fund. In addition, the A shares of the firmâ€™s funds levy a 5.75% maximum upfront commission. However, investors can have the front-end load amount reduced with higher deposit amounts.
In addition, Voya also provides wrap program services to broker-dealers. If Voya is selected to be the investment, clients will pay one fee to their broker-dealer for Voyaâ€™s service and Voya bills the broker-dealer. In those cases, Voya charges less to the broker-dealer for its services than it would normally charge. However, clients may pay more than going to Voya directly.
|Equity Funds Class A Shares Commissions|
|Up to $49,999||5.75%|
|Over $1 million||0.25%-0.35% 12b-1 fees and 0.25% tail fee for 13 months|
|Fixed Income Funds Class A Shares Commissions|
|Up to $100,000||2.50%|
In 2013, two directors of ING Pomona Private Equity, a closed-end fund of funds and a Voya affiliate, organized in Luxembourg, ran afoul of Luxembourg securities regulation when they failed to file the annual financial statement in a timely manner with the Luxembourg Commission de Surveillance du Sector Financier. The fund received a fine of 2,000 euros. The directors argued that they are not engaged in day-to-day fund activities such as filing annual statements. Whatâ€™s more, since the fund is a fund-of-funds, it must first receive financial statements from the underlying portfolios in order to file its own annual statement. Besides the monetary fine, there were no other actions taken.
To access one of the Voya funds or strategies youâ€™ll need to go through an intermediary, whether thatâ€™s a financial advisor or a retirement plan at work. You can get a prospectus for a Voya Investment Management fund by calling 800-992-0180.
Voya has a wide range of investment options that can be the backbone of most peopleâ€™s investment portfolios. Itâ€™s suite of below average and low-fee funds (after sales charges) speak favorably of the line.
However, because Voyaâ€™s primary business is institutional, individual investors can only access Voyaâ€™s investment strategies through an intermediary such as a financial advisor or in a workplace retirement plan. Advisors who sell Voya funds collect an upfront commission, giving them a financial incentive to do so. Investors need to weigh whether the added cost, plus the potential conflict of interest, are worth it.