Voya Investment Management CEO Christine Hurtsellers is to retire later this year, becoming a strategic advisor to the company until her retirement.
Hurtsellers said, “The growth and expansion that we have achieved is the result of the hard work of our colleagues, who have always prioritised the needs of our clients. After almost 20 years at Voya, and as I look ahead to retirement and the ability to attend to my family’s needs, I am grateful for and proud of all that the team has accomplished over the years. In the meantime, I look forward to working closely with Matt and Heather — and to engaging with our clients, intermediaries and employees — to ensure a smooth transition.”
Matt Toms, global chief investment officer (CIO) of Voya Investment Management, has been named CEO of Voya Investment Management, effective immediately, while Eric Stein, who most recently served as CIO, fixed income, at Morgan Stanley Investment Management, has joined Voya Investment Management as head of investments and CIO, fixed income.
As Voya IM’s global CIO, Toms led the firm’s more than 300 investment professionals who are managing approximately US$310 billion in assets under management across fixed income, equities, multi-asset solutions and alternative strategies. Prior to joining Voya IM in 2009, Toms worked with Calamos Investments, where he established and grew its fixed income business. He also previously held roles with Northern Trust and Lincoln National.
Toms said, “Over the past several years, we have successfully grown our capabilities and our reach to serve the expanding needs of our clients, and I’m looking forward to working with the many talented professionals across our firm to continue our growth trajectory. I also want to express my tremendous gratitude to Christine for her leadership and guidance. I am grateful to have her insights and perspective as we make a smooth transition.”
Toms has also joined Voya Financial’s executive committee and will now report to Heather Lavallee, CEO, Voya Financial. Hurtsellers will also continue to report to Lavallee.
A Morgan Stanley analyst noted, “Voya is successfully pivoting away from a restructuring and expense saving story toward more of a growth story. Relatively low capital intensity means that the overall macro environment should have less impact on the long-term growth prospect of Voya. Its Health Solutions segment has been a solid contributor to earnings over the past two quarters and is expected to continue. That said, the solid EPS growth profile is not being reflected in its current PE of 9.0x, which is below the historical average of 8.2x forward PE.”
On Hurtsellers’ departure, Lavallee said, “Over her almost 20-year career with Voya IM, including seven years of service as CEO, Christine achieved a number of strategic, financial and operational outcomes, including the successful integration of several acquisitions that have expanded our asset management capabilities and global reach.”
“Also, I am excited to have Matt leading Voya IM as it executes on its growth strategy and continues to build on its strong pipeline across institutional and retail markets in the U.S. and internationally. Matt has been global CIO since 2022, has 30 years of asset management expertise, and has great insights into the needs of our clients. His deep knowledge and experience with our firm, and his passion for our clients, will serve him well as he leads Voya IM into its next stage of growth,” Lavallee added.
Stein, in his new role as head of investments as well as CIO, fixed income, will directly lead the public fixed income investment team as well as oversee the broader equities, income and growth, and multi-asset strategies and solutions investment teams. Chris Lyons, head of private fixed income and alternatives investments, will continue to report to Toms.
As CIO, fixed income at MSIM, Stein was responsible for overseeing 275 professionals and the management of investment strategies for MSIM’s approximately US$200 billion fixed income platform, including agency mortgage-backed securities, emerging markets, floating-rate loans, high-yield, investment grade credit, multi-sector, municipals and securitized strategies.
Prior to MSIM, Stein held several portfolio management roles at Eaton Vance since 2009, including most recently serving as CIO for Eaton Vance’s entire fixed income group, which included investment teams across high-yield, bank loan, municipal investments, emerging market debt/global macro, securitised, investment grade corporate and multi-asset investment disciplines.
“I am excited to have Eric on the Voya IM leadership team,” added Toms. “His more than 20 years of investment experience and demonstrated expertise in leading sizable teams throughout his career will no doubt bring great value to our investment teams and our clients. Equally important, Eric’s approach to money management aligns fully with the collaborative approach of our investment professionals at Voya IM. I am looking forward to having his leadership and insights as we execute on our growth plans.”
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