Activist hedge fund Toms Capital Investment Management (TCIM) is actively pushing Voya Financial to explore strategic options, including the sale of all or a portion of its pension and insurance products business, according to a report by the Financial Times citing unnamed sources. TCIM, which has built a significant stake in the asset manager, is advocating for Voya to consider putting itself up for sale or divesting its health insurer arm.
Voya Financial, when contacted by PYMNTS, declined to comment on the report. TCIM did not immediately respond to a request for comment.
The pressure from TCIM comes at a time when the asset management sector is experiencing a notable wave of consolidation. Recent data indicates that the sector saw nearly $25 billion in deals during the first quarter, a figure exceeding half of the total recorded for the entirety of 2025, according to Dealogic data cited in the report. This environment has seen several large insurers with asset management divisions expressing interest in expanding through mergers and acquisitions.
While Voya has demonstrated strong performance in terms of inflows, outperforming its rivals, a specific segment of its business has faced challenges. The part of Voya that insures employers against health benefit claims reported an operating loss of $10 million in the fourth quarter of 2025. This financial performance may be a contributing factor to TCIM’s strategic recommendations.
TCIM has a history of activist investing. In a separate development reported in December 2025, the hedge fund made a substantial investment in Target. This move occurred during a period when the retailer had experienced 12 consecutive quarters of stagnant or negative sales growth and a 60% decline in its share price from its pandemic-era peak. TCIM, founded in 2017, is known for advocating for strategic changes in companies where it builds stakes, having previously engaged with Kellanova, US Steel, and Kenvue.
Voya Financial recently reported robust financial results for 2025, announcing over $1 billion in pre-tax adjusted operating earnings and generating approximately $775 million in excess capital, a 19% year-over-year increase. Voya CEO Heather Lavallee highlighted the company’s strong performance in a February earnings release, attributing it to the strength of its diversified businesses and disciplined execution. Voya is scheduled to release its first-quarter financial results on May 5.
