Under its “Women in Finance” heading, Barron’s reported Voya Investment Management CEO Christine Hurtsellers “is responsible for the strategic direction of investments, product distribution, and marketing and client engagement” at Voya Financial’s asset-management arm. Hurtsellers “says she enjoys working to overcome obstacles with her team. And 2020 raised the bar.” Hurtsellers added, “Leading in this environment is tough.” Despite those challenges, Voya “generated $8.38 billion in net inflows last year through Dec. 31,” and “managed more than $245.5 billion in institutional and defined-contribution assets as of Dec. 31, up from $208 billion in the third quarter of 2016, when Hurtsellers took the helm.”
Bloomberg reported sales of collateralized loan obligations “have rebounded so strongly that the heavy supply is crimping a rally in the sector even while investors seek to rotate into floating-rate notes as Treasury yields march higher.” Sales “have risen following a difficult 2020 as issuers seek to tap higher demand to offload the securities cheaply and cut costs on existing deals through refinancing and so-called reset transactions.” Voya Investment Management Head of Securitized Credit Dave Goodson said, “Despite its idiosyncrasies, we are most bullish on CMBS to pick up beta. ... Coming out of the pandemic, we are willing to give the sector the benefit of the doubt and take some risk. There will be winners and losers, but we have a good feeling on some hotel and retail properties that might provide some spread premium. We do remain cautious on office properties.”
Voya’s Reinhard Predicts “Probably At The Very Beginning Of A Very Long And Sustainable Bull Market”
Bloomberg TV reported that Voya Investment Management Senior Portfolio Manager and Head of Asset Allocation Barbara Reinhard joined the program to discuss her take on the day’s financial news. When asked if there are opportunities in the tech industry given the recent selloff, Reinhard said, “Sure; we’re probably coming in relatively close to it at this point.” On that matter, Reinhard added that “with the stimulus program coming, you will start to see the dollar back down just a bit, and while tech is certainly out of favor at the moment, I do think that by the time you get to the end of the year, you’re still going to be happy owning it.” During the interview, Reinhard also discussed the economic reopening underway and said, “Earnings are going to be very strong this year,” and that investors should “stay in equities” now, even though it is a “scaring moment” in some markets. Reinhard also said, “We believe that the U.S. is probably at the very beginning of a very long and sustainable bull market.”
Barron’s runs a feature about the “enormous strides” woman have made in the public and private sectors over the past year, “particularly in the world of finance.” The article focuses on “the highly accomplished, path-breaking women named to Barron’s second annual list of the 100 Most Influential Women in U.S. Finance.” These individuals are “but a fraction of the army of women whose contributions are strengthening the financial-services industry and the U.S. financial system, as both prepare for the challenges ahead.” Voya Investment Management CEO Christine Hurtsellers is listed among the honorees.
Bloomberg TV reports Voya Investment Management CEO Christine Hurtsellers said that neither she, nor Voya, are worried about increasing yields and concerns over inflation, however, those issues “have some of our clients a little bit concerned.” According to Hurtsellers, “when you think about the rhetoric that’s been going on today ... the Fed told us that they were going to allow inflation to run hot and that we have structural damage in this economy.” Hurtsellers continued, “Even with a very aggressive” fiscal stimulus package, “this isn’t kerosene on a flame. I would say that the inflation fears and rate rises are episodic. So again, we’re getting to the point where there’s some pretty attractive entry-levels in the market for fixed-income investors,” including commercial real estate. Unexpected COVID variants that “slow down the recovery and ruin” economic optimism constitute a bigger economic risk than inflation, Hurtsellers added.
Pomona’s Granoff: Secondary Investments In PIF “Return Capital Back To Investors In A Timelier Fashion.”
Under the headline, “Complex structures help democratise PE,” Private Equity International reports that “a rising number of U.S. private equity [PE] firms are turning to ‘40 Act funds’ in a bid to access the vast ... universe of retail investors.” So-called “40 Act funds” offer “exposure to the private markets without the 10- to 12-year lock-up and huge minimum commitment sizes.” Examples of such funds include Voya Investment Management’s Pomona Investment Fund [PIF], which the firm launched in 2015 and held “$244 million in assets under management as of 30 September.” Voya’s PIF “mostly comprises secondary interests in seasoned private equity funds.” According to the magazine, “As of 30 September, 83.5% of its portfolio was allocated to secondaries.” Pomona Capital Chief Executive Michael Granoff said that “such investments are typically purchased at an ‘attractive entry point’ that may mitigate the J-curve and return capital back to investors in a timelier fashion.”
Ignites reports that Voya Investment Management hired Gabriel Altbach to serve as its chief marketing officer and managing director, effective Tuesday. Altbach joins Voya from “White Marble Marketing, a marketing consulting firm” and “before that, he was head of global strategy and marketing at Pioneer Investments.” An announcement said that “in the new role, Altbach will oversee marketing for Voya Investment Management worldwide across institutional and intermediary channels.” Altbach reports to Voya Senior Managing Director and Head of Product Marketing Strategy Dina Santoro. In the announcement, Santoro said, “Gabe’s insights and creativity will be invaluable as we grow our platform, delivering hard to manufacture differentiating solutions such as private credit, commercial real estate and securitized products to our clients.” Pensions & Investments also reports.
CNN reports on its website, “Tesla’s $1.5 billion investment in bitcoin has helped legitimize the cryptocurrency as an investment, leading analysts and traders to ask which blue chip company will be the next to take the plunge, buying bitcoin for its corporate balance sheet.” Voya Financial Investment Management CEO Christine Hurtsellers, during an earnings call, said, “We watch cryptocurrencies.” Hurtsellers “added that factors driving the big price swings can ‘still tend to be somewhat opaque at times.’” According to CNN, “that’s the reason why Voya won’t invest for now.”
Refinitiv reported, “The U.S. leveraged loan market is back at full steam after a tumultuous year, with demand outweighing supply and investors eager to put their cash to work.” According to Refinitiv, “Several issuers have since taken this opportunity to re-launch transactions that were pulled last year, including retailer PetSmart, business information provider ION Analytics and marketing solutions provider Thryv.” Voya Investment Management Group Head and Chief Investment Officer of Senior Loans Jeff Bakalar said, “‘The market is wide open and more receptive than it was four to five months ago,’ ... pointing to the technical recovery that has taken place in the loan market over the last few weeks.” He also said that “issuers that were caught up with the coronavirus-driven market sentiment and could not capture a good deal, especially in the second half of 2020, are likely to return to the market.”
Bloomberg reported, “Collateralized loan obligation managers are expected to extend a run of frenzied sales this month” as “no less than seven new-issue CLOs are currently marketing” as well as “two refinancings and at least four so-called resets.” January’s new-issue volume of “nearly $9 billion” was “the highest for the month” as far back as “2013 when $8 billion was issued.” Bloomberg added, “Voya Investment Management sees good relative-value opportunity in CMBS conduits,” said Dave Goodson, head of securitized credit at Voya. According to Goodson, “Commercial real estate CLOs also represent a good opportunity and have a place in Voya’s portfolio,” but he also said that “Voya is bearish on CMBS deals with call options” though they “are a small but meaningful part of the CMBS universe.” Goodson said, “We are the most bullish right now on CMBS.”