Voya proposes mergers of IAE and IHD into IEMLX

Rhea-AI Filing Summary

Voya Investment Management announced proposed mergers of two closed-end funds — Voya Asia Pacific High Dividend Equity Income Fund (IAE) and Voya Emerging Markets High Dividend Equity Fund (IHD) — into the open-end Voya Multi-Manager Emerging Markets Equity Fund (IEMLX). The Boards of Trustees of IAE and IHD approved the recommendation and each fund will hold a special meeting of shareholders to vote on the transactions. Voya says it reached agreements with a large institutional investor in each fund to support the mergers and remain passive for a period of time. Detailed proxy materials and a Proxy Statement/Prospectus are expected to be filed with the SEC in the coming weeks.

Insights

Fund Structuring Specialist

Two closed-end funds proposed to merge into an open-end emerging markets fund.

The filing states Boards of Trustees approved recommended mergers of IAE and IHD into IEMLX. Each fund will hold a special shareholder meeting and proxy materials, including a Proxy Statement/Prospectus, are expected to be filed with the SEC.

Proxy disclosures will specify conversion mechanics, timing, and any shareholder elections; subsequent SEC filings should be reviewed for vote thresholds and cash-versus-in-kind options.

Governance & Shareholder Relations Expert

Institutional support is disclosed, and shareholder votes are required.

The release notes agreements with a large institutional investor in each fund to support the mergers and remain passive for a period. This reduces uncertainty about large opposing votes but does not replace the shareholder approval process.

Key items to watch in the Proxy Statement/Prospectus: disclosure of any side agreements, voting results at the special meetings, and any conditions attached to the institutional support.

Key Figures

Announcement date: June 2, 2026 Assets managed: $353 billion Investment team size: 300+ professionals +1 more

4 metrics

Announcement date June 2, 2026 press release date

Assets managed $353 billion as of March 31, 2026

Investment team size 300+ professionals Voya IM investment professionals

Firm heritage 50-year legacy active investing experience

Key Terms

Proxy Statement/Prospectus, special meeting of shareholders, open-end fund

3 terms

Proxy Statement/Prospectus regulatory

"The Proxy Statement/Prospectus has yet to be filed with the U.S. Securities and Exchange Commission"

A proxy statement or prospectus is a document that companies send to shareholders to provide important information about upcoming decisions or investments, such as voting on company issues or offering new shares to the public. It helps investors understand the details and risks involved, enabling them to make informed choices about their ownership or involvement with the company.

special meeting of shareholders governance

"IAE and IHD will each hold a special meeting of shareholders to consider approval of the transaction"

open-end fund financial

"into the Voya Multi-Manager Emerging Markets Equity Fund (IEMLX), an open-end fund"

An open-end fund is a pooled investment vehicle that continuously issues and redeems shares at a price based on the fund’s per-share value (net asset value), so investors can buy or sell shares directly from the fund on demand. For investors this matters because the fund offers everyday liquidity and its size can change with cash flows, which affects portfolio management, trading costs and potentially returns — like a shop that adjusts stock levels as customers come and go.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What merger did Voya announce for IAE (IAE) and IHD (IHD)?

Voya announced proposed mergers of IAE and IHD into the open-end fund IEMLX. The Boards approved the recommendation and each fund will hold special shareholder meetings to vote on the transactions.

When will investors receive details on the proposed mergers for IAE and IHD?

Detailed information will be included in proxy materials and a Proxy Statement/Prospectus expected to be filed with the SEC in the coming weeks. The release states the Proxy Statement/Prospectus has yet to be filed.

Does Voya disclose institutional support for the IAE and IHD mergers?

Yes. Voya says it reached agreement with a large institutional investor in each of IAE and IHD to support the mergers and remain passive for a period of time, per the announcement on June 2, 2026.

Will shareholders of IAE and IHD vote on the merger proposals?

Yes. Each of IAE and IHD will hold a special meeting of shareholders to consider approval. Voting outcomes will be reported after the meetings and in subsequent regulatory filings.

How large is Voya Investment Management as reported in this release?

Voya IM manages approximately $353 billion in assets as of March 31, 2026, across public and private fixed income, equities, multi-asset solutions and alternatives, per the release.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/02/2026 - 05:06 PM Learn about SEC filing dates

NEWS release 

Filed by Voya Mutual Funds  

pursuant to Rule 425 under the Securities Act of 1933 

Subject Company: Voya Asia Pacific High Dividend Equity Income Fund (File No. 811-22004)​ 

and Voya Emerging Markets High Dividend Equity Fund (File No. 811-22438) 

Voya Investment Management Closed-End Funds Announce Proposed Mergers 

SCOTTSDALE, AZ, June 2, 2026 – Voya Investment Management, the asset management business of Voya Financial, Inc. (NYSE: VOYA) announced today that it has recommended, and the Boards of Trustees of the Voya Asia Pacific High Dividend Equity Income Fund (TICKER: IAE) and the Voya Emerging Markets High Dividend Equity Fund (TICKER: IHD) have each approved, a merger of their respective fund into the Voya Multi-Manager Emerging Markets Equity Fund (TICKER: IEMLX), an open-end fund. Voya Investment Management also announced that it has reached agreement with a large institutional investor in each of IAE and IHD to support the mergers and remain a passive investor for a period of time. 

IAE and IHD will each hold a special meeting of shareholders to consider approval of the transaction. Detailed information on the proposed mergers, and each fund’s respective meeting, will be contained in proxy materials expected to be filed with the Securities and Exchange Commission in the coming weeks. 

SHAREHOLDER INQUIRIES: Shareholder Services at (800) 992-0180; voyainvestments.com 

MEDIA CONTACT: Kris Kagel, (800) 992-0180 

About Voya Investment Management 

Voya Investment Management (IM) manages approximately $353 billion as of March 31, 2026, in assets across public and private fixed income, equities, multi-asset solutions and alternative strategies for institutions, financial intermediaries and individual investors. Drawing on a 50-year legacy of active investing and the expertise of 300+ investment professionals, Voya IM has cultivated a culture grounded in a commitment to understanding and anticipating clients’ needs, producing strong investment performance, and embedding inclusion in its business. 

This press release is not intended to, and does not constitute an offer to purchase or sell shares of IAE, IHD, or IEMLX (together, the “Funds”) nor is this press release intended to solicit a proxy from any shareholder of the Funds. The solicitation of the purchase or sale of securities or of proxy to effect the Reorganization will only be made by a definitive Proxy Statement/Prospectus. The Proxy Statement/Prospectus has yet to be filed with the U.S. Securities and Exchange Commission (the “SEC”). After the Proxy Statement/Prospectus is filed with the SEC, it may be amended or withdrawn. The Proxy Statement/Prospectus will not be distributed to shareholders of the Funds unless and until a Registration Statement comprising of the Proxy Statement/Prospectus becomes effective with the SEC. 

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