Asset manager Voya Finance Under pressure from hedge funds Toms Capital Investment Management (TCIM) to sell all or part of its pension and insurance products business, the Financial Times reported I mentioned Thursday (April 23), citing unnamed sources.
TCIM has built a position in Voya and is encouraging the company to put itself up for sale or sell its health insurance arm, according to the report.
Voya Financial, contacted by PYMNTS, declined to comment on the report.
TCIM did not immediately respond to PYMNTS’ request for comment.
According to the Financial Times report, Voya outperformed its competitors in terms of inflows, but the part of its business that insures employers against health benefit claims had an operating loss of $10 million in the fourth quarter of 2025.
TCIM is making its demands at a time when several major insurance companies with asset management arms have expressed interest in growth through deal making and when the asset management sector has witnessed a wave of consolidation, according to the report.
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The report said, citing data from the asset management sector, that the asset management sector witnessed deals worth approximately $25 billion in the first quarter, a number more than half of what was recorded in the entire year of 2025. Dealogic.
In another separate move, it was reported in December 2025 that TCIM had undertaken a “mission”. investment in goal While the retailer has seen 12 straight quarters of negative or minimal sales growth and has seen its stock price fall 60% from the record high it achieved during the pandemic.
This report said that TCIM was founded in 2017, and is known to be an active investor, and has pushed for strategic changes in three other companies while building stakes in them: Kelanova, United States steel and Kinview.
Voya said in February that it delivered more than $1 billion in adjusted pre-tax Operating profits In 2025, generating approximately $775 million in excess capital, which is up 19% year-on-year.
“We delivered strong results in 2025, exceeding our goals for adjusted pre-tax earnings and cash generation, reflecting the strength of our diversified business, disciplined execution and focus on our clients,” Voya Financial CEO Heather Lavallee said in a Feb. 3 earnings release.
Voya is scheduled to report the first quarter Financial results On May 5.
