The hedge fund, which holds a significant stake in the insurer, highlighted that while Voya manages roughly $1.1 trillion in assets, its equity performance remains lackluster. Shares of Voya have climbed 9% this year, trailing significantly behind Principal Financial Group and Franklin Resources, which saw gains of 17.5% and 29.9% respectively. According to the firm, logical acquirers in the asset management space have already signaled interest in companies with profiles that mirror Voya’s specific business mix.

Despite the aggressive stance, Toms Capital maintains that the underlying retirement and investment management units remain robust and continue to outperform competitors. The firm attributes the current valuation gap specifically to strategic indecisiveness at the top. Voya Financial has yet to issue a formal response regarding the investor's demands.