Alternative strategies inside collective trusts
Voya Investment Management announced two collective investment trusts on June 2, 2026, covering alternative fixed income and alternative equity. The V ALT strategies were intended initially for adviser managed accounts on Voya’s retirement platform. Global Trust Company serves as trustee and discretionary manager, while Voya advises on manager selection and portfolio design.
The products are for eligible retirement plans rather than the general public. A collective trust is a different legal structure from a registered mutual fund, even when it pursues a similar investment objective.
Source: Voya announcement, June 2, 2026.
Diversifying managers creates a governance task
FOLITIC analysis: Combining managers can reduce reliance on one investment team, but it can also make the total exposure harder to understand. Several managers may hold related assets, depend on similar financing or value private investments using comparable assumptions. The number of managers is therefore not a sufficient diversification measure.
The allocation of responsibility between adviser and trustee is important. Investors and plan fiduciaries need to know who can change allocations, replace a manager or restrict activity when liquidity becomes strained. Clear governance is part of the investment structure, not simply an administrative detail.
What plan reviews should establish
The relevant documents should explain valuation, withdrawal terms, total expenses and the role of any liquid holdings used to manage flows. Alternatives can behave differently from public market funds during stress. A retirement plan’s long investment horizon does not eliminate the need to meet participant transactions or to understand how liquidity is provided at the vehicle level.
Photo: File photograph of the Voya Financial Building in Minneapolis in August 2014. Credit: Matthew Deery via Wikimedia Commons. Licensed under CC BY 2.0. Displayed with a responsive crop. The photograph illustrates the location or subject and does not depict the reported transaction.
