(Reuters) – U.S. insurer Voya Financial (NYSE) Inc announced Tuesday that its investment management unit will take over the “substantial majority” of Allianz’s U.S. asset management company.

This announcement follows an agreement by Allianz to pay $6 billion, and the U.S. Asset Management Unit to plead guilty for fraud in relation to the collapse of the multibillion-dollar Structured Alpha funds during market turmoil that was triggered the COVID-19 pandemic.

Voya announced that it had entered into a memorandum with Allianz Global Investors, (Allianz GI), which is the Allianz asset management division. Allianz GI will receive a 24% stake in Voya’s investment management company, according to the terms of the partnership.

Voya indicated that they expect a purchase agreement in the next couple of weeks.

The company stated that Voya’s investment manager unit will now manage assets worth nearly $370 billion after the transaction. It stated that the planned acquisition would not require any external financing and will be funded entirely with Voya’s surplus capital.