Venerable Holdings has reached an agreement with The Guardian Life Insurance Company of America to transition approximately $4.5 billion in separate account assets to Venerable’s investment advisory platform. The assets are currently held in Guardian’s variable products trust. Under the proposed transaction, the affected funds will be reorganized through a series of mergers into a variable insurance mutual fund trust managed by SunAmerica Asset Management, a Venerable subsidiary.
Separate accounts hold assets supporting variable insurance products, including variable annuities and variable life insurance policies. Their investment performance can influence the value of policyholder accounts and related benefits.
The proposed fund mergers are intended to preserve continuity in the underlying investment strategies while moving the assets to a larger advisory platform. Venerable said the consolidation could provide policyholders with increased scale, growth potential and a more cost-efficient fund lineup.
SunAmerica Asset Management will assume responsibility for managing the reorganized funds if the transaction is completed. The company was acquired by Venerable in 2026.
Venerable Investment Advisers and SunAmerica Asset Management oversee mutual funds underlying variable annuity businesses associated with Venerable Insurance and Annuity Company and Corebridge. The Guardian transaction would further expand the scale of that investment management platform.
The transaction is expected to close in late 2026. Completion remains subject to customary conditions, including a shareholder proxy process and approval from the affected fund shareholders.
A proxy solicitation will provide shareholders with information about the proposed mergers and allow them to vote on the reorganizations. There is no assurance that the required approvals will be obtained or that the transaction will close according to the anticipated schedule.
Venerable owns and manages legacy variable annuity businesses, including portfolios acquired from other insurance companies. The privately held company operates from locations in Pennsylvania, Iowa, Texas and New York.
Venerable was established by an investor group led by affiliates of Apollo Global Management, Crestview Partners, Reverence Capital Partners and Athene Holding. Its strategy focuses on managing insurance and investment businesses with long-term capital.
Morgan, Lewis & Bockius is serving as Venerable’s legal counsel for the transaction.
KEY QUOTE:
“This agreement reflects the strength and scale of our investment advisory platform and our ability to deliver a seamless outcome for policyholders and partners alike.”
“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.”
Michal Levy, President of SunAmerica Asset Management and Venerable Investment Advisers
