Venerable and Guardian Reach Agreement to Transition Assets to Venerable’s Investment Advisory Platform

WEST CHESTER, Pa.--(BUSINESS WIRE)--Venerable Holdings, Inc. (“Venerable”), today announced that it has reached an agreement with The Guardian Life Insurance Company of America (“Guardian”) to transition approximately $4.5bn in separate account assets currently held in Guardian’s variable products trust into mutual funds advised by SunAmerica Asset Management, LLC (“SAAMCo”), a Venerable subsidiary.

Under the proposed structure, the in-scope funds will be reorganized into a variable insurance mutual fund trust managed by SAAMCo through a series of fund mergers. This approach is expected to provide policyholders with the benefits of greater scale and growth potential while preserving continuity of investment strategies.

“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,” said Michal Levy, President of SAAMCo and Venerable Investment Advisers, LLC. “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.”

Close of the transaction is anticipated to occur in late 2026 and is subject to customary closing conditions, including shareholder proxy solicitation and approval. Venerable has engaged Morgan, Lewis & Bockius LLP as legal counsel in connection with the transaction.

About Venerable, Venerable Investment Advisers, LLC, and SunAmerica Asset Management, LLC

Venerable is a privately held company with business operations based in West Chester, Pennsylvania, Des Moines, Iowa, Houston, TX, and New York, NY. Venerable owns and manages legacy variable annuity business, including variable annuities acquired from other entities. Created by an investor group led by affiliates of Apollo Global Management, Inc., Crestview Partners, Reverence Capital Partners, and Athene Holding Ltd., Venerable is a business with well-established, strategic investors, experienced in successfully building and growing insurance businesses with patient, long-term capital.

Venerable Investment Advisers, LLC was established in 2023 and SunAmerica Asset Management, LLC was acquired in 2026. Both entities have overall responsibility for the management of mutual funds underlying the variable annuity businesses of Venerable Insurance and Annuity Company and Corebridge, respectively.

For more information, please visit www.venerable.com.