Voya Investment Management and OBL BankServices, Inc., enter into preferred-vendor agreement
Agreement provides
While community and small regional banks have historically excelled at small business underwriting and relationship management, Voya’s C&I program recognizes the syndicated loan market demands a broader industry knowledge and timely action. Participating commercial banks benefit from Voya’s unique market leadership, experience, relationships, credit risk management, training and sourcing capabilities while effectively keeping independent research and decision-making within their walls, thus satisfying regulatory requirements.
“Our goal is to provide banks with a turnkey solution--combining education, preparation and implementation to enable them to enter the
Under the Voya program, community and regional bank commercial credit professionals build portfolios of senior secured commercial and industrial loans. Banks may work individually to build portfolios, one loan at a time, or cooperatively to share in a portfolio of select loans These portfolios benefit from Voya’s access to the new loan and secondary markets as well as strong and ongoing loan underwriting and monitoring processes, which are compliant with regulatory guidelines and prudent standards. Through education and mentoring, banks learn about the implementation and monitoring of compliant portfolios that offer diversification, value recognition and loss avoidance as their core objectives.
“We’re excited about this newly founded endorsed business partnership with
“The goal of OBL BankServices is to provide member banks with a turnkey solution that combines education, preparation and implementation to enable them to enter the
As part of OBLBS’ services under the Agreement, OBLBS and its personnel may make favorable statements regarding Voya and its products and services, including a Program. Such statements constitute “endorsements” for purposes of Rule 206(4)-1 under the Investment Advisers Act of 1940.
Under the Agreement, in exchange for its services (including making such endorsements), OBLBS will receive cash compensation from Voya, consisting of up to 5.0 basis points (.05%) computed based on the Target Portfolio Commitments to the Programs that are agreed upon by clients solicited by OBLBS. In addition, Voya has agreed to pay and maintain Affiliate Members status with OBLBS and support OBLBS through various event sponsorships. Other than the incentive such compensation gives OBLBS to endorse Voya, there are no material conflicts of interest resulting from OBLBS’ relationship with Voya.
No costs or charges will be incurred by any client by reason of having been referred to Voya by OBLBS However, the presence of these arrangements may affect Voya’s willingness to negotiate below its standard advisory fee, and therefore may affect the overall fees paid by referred clients.
OBLBS is not a Voya client and OBLBS and Voya are not affiliated. Also, OBLBS is not authorized to provide investment or other advice on behalf of Voya or to act for or bind Voya. No asset advisory agreement with Voya will become effective until accepted by Voya.
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VOYA-IM
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725225708/en/
Media:
(212) 309-6568
Kristopher.Kagel@voya.com
Director of Communications
(614) 340-7621
ajohnson@ohiobankersleague.com
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