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November 24, 2021

Voya IM to buy Tygh Capital’s investment advisory business

By Verdict Staff

Voya Investment Management (Voya IM), the asset management business of Voya Financial, has agreed to purchase the investment advisory business and certain other assets of Tygh Capital Management (TCM).

The transaction, whose financial details are not disclosed, is expected to close in the first quarter of 2022.

Founded in 2004, Oregon-based TCM offers small-cap and small/mid-cap growth investing for both institutional and retail investors.

The team currently manages the TCM Small Cap Growth Fund with $520m in assets as of 31 October 2021.

Voya IM CEO Christine Hurtsellers said: “We continue to invest across our investment platforms to bring best-in-class solutions to our clients. Small-Cap Growth is an important focus and an area where active managers like Voya can generate meaningful alpha for investors.”

Following the closure of the deal, all of TCM’s current employees will join Voya IM, including CEO and CIO Richard Johnson, president and CFO Jeff Curtis.

The TCM investment team will remain in Portland and become part of Voya’s Equities investment platform, with Johnson and Curtis reporting jointly to Vincent Costa and Michael Pytosh, co-CIOs of Equities at Voya IM.

TCM team will continue to follow its proven investment philosophy and process while leveraging Voya’s distribution capabilities and robust platform.

TCM Fund will continue to be managed by current TCM team with Voya IM as the interim advisor.

The fund is expected to be later reorganised into Voya Small Cap Growth, which is slated to launch in the second quarter of next year.

Johnson said: “This is a great opportunity for our team to enhance our ability to produce long-term performance for our clients. Over the next few months, we will work to ensure a smooth transition,”

“With access to enhanced resources, our talented portfolio managers will continue to be laser-focused on generating alpha.”

The latest deal follows Voya IM’s plans to hire new employees and reorganise its overall Equities investment platform.

In November last year, the firm acquired the technology of G Squared Capital to boost the equity investment business.

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