Voya Adds Private Market Access to Managed Accounts

Voya Financial Inc. announced Tuesday an expansion of its adviser–managed–accounts program, allowing registered investment advisers to allocate to private markets, including private equity, private credit and real estate. 

As a part of the new AMA program capabilities, RIAs will initially have access to Voya’s V-ALT collective investment trusts, along with Blue Owl’s Alternative Credit CIT and Real Estate Net Lease CIT. According to the announcement, Voya will continue to evaluate and add other private market managers and strategies.  

Voya’s AMA program launched in 2021 to assist RIAs in delivering education alongside managed portfolios to retirement plan participants.  

Amy Vaillancourt, Voya’s president of retirement, wrote in an email to PLANADVISER that advisers should understand the investments’ structure, liquidity provisions and strategy to determine if they are the right fit for the plan population.  

“In addition to understanding the investment components and how it will be used, advisers should understand the regulatory requirements associated with selecting a particular investment for a plan and supporting a plan fiduciary’s obligations during the investment selection process,” Vaillancourt wrote.  

According to Vaillancourt, starting points for introducing complex investments like private credit and private equity could include adviser–managed accounts, CITs or registered fund structure.  

“These products allow for oversight at the participant level, incorporating factors such as age, retirement horizon, savings behavior and risk tolerance into ongoing portfolio management, rather than placing the burden on individual participants or a plan sponsor,” she wrote. “Retirement plan advisers and plan consultants play a critical role in education and context by helping sponsors and participants understand where private market investments may fit and, just as crucially, where they may not.”