WEST CHESTER, PA — Venerable Holdings Inc. has agreed with The Guardian Life Insurance Company of America to transfer approximately $4.5 billion in separate account assets into mutual funds managed by a Venerable subsidiary, expanding the company’s investment advisory platform.
The transaction will move assets currently held in Guardian’s variable products trust into variable insurance mutual funds advised by SunAmerica Asset Management LLC (SAAMCo), according to Venerable.
The proposed reorganization will be completed through a series of fund mergers that consolidate the assets into a variable insurance mutual fund trust managed by SAAMCo. Venerable expects the structure to preserve existing investment strategies while increasing the scale of the combined funds.
The agreement strengthens Venerable’s position in the variable insurance investment management market by increasing assets under management and extending its relationship with Guardian.
Michal Levy, president of SAAMCo and Venerable Investment Advisers LLC, indicated the consolidation is intended to improve operational efficiency while maintaining continuity for policyholders.
“By consolidating these assets onto the Venerable platform, we can offer a well-managed, cost-efficient fund lineup while extending the long-term relationships we value across the insurance and asset management industries,” Levy stated.
The transaction is expected to close in late 2026, subject to customary closing conditions, including shareholder approval following a proxy solicitation.
Morgan, Lewis & Bockius LLP is serving as legal counsel to Venerable on the transaction.
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