US asset manager Voya Financial is under increasing pressure from activist hedge fund TOMS Capital Investment Management to consider strategic alternatives, including a potential sale of the firm or divestment of parts of its business, according to a report by the Financial Times.
According to sources familiar with the situation, Toms Capital has built a stake in Voya and is urging management to evaluate options for its $1.1tn pension and insurance platform. The activist investor is particularly focused on Voya’s health insurance division, arguing that its stop-loss segment has been a drag on overall performance. The unit reported an operating loss of approximately $10m in the final quarter of 2025.
Originally spun out of ING in 2014, Voya has positioned itself as a major player in retirement and investment management, with a strong emphasis on higher-margin products. Despite solid inflows and surpassing $1tn in total platform assets — including $360bn in actively managed strategies — its share price has remained largely unchanged over the past two years, leaving the company with a market capitalisation of करीब $7bn.
Analysts at TD Cowen recently noted that ongoing weakness in the stop-loss business has weighed on investor sentiment, reinforcing concerns raised by the activist investor.
Voya has long been viewed as a potential acquisition target, particularly as insurers with asset management operations seek greater scale through consolidation. The pressure from Toms Capital comes at a time of heightened deal activity across the sector, driven by global expansion ambitions and growing interest from private equity firms.
Data from Dealogic shows that asset management M&A reached nearly $25bn in the first quarter alone — already more than half of last year’s total.
Recent high-profile transactions include an $8.6bn acquisition of Janus Henderson by a consortium led by Trian Fund Management, founded by Nelson Peltz, following a bidding contest with Victory Capital. Meanwhile, Schroders was recently acquired by Nuveen in a £9.9bn deal.
Founded in 2017 by former executives of GLG Partners, Toms Capital typically operates behind the scenes rather than pursuing public activist campaigns. However, it has recently taken positions in companies such as Kellanova, US Steel, Kenvue, and Target, advocating for strategic changes.
Voya reportedly declined to comment on the situation, and Toms Capital did not respond to requests for comment.
