Dechert Advises Guardian on Transition of Assets to Venerable's Investment Advisory Platform

Dechert advised The Guardian Life Insurance Company of America (Guardian) in connection with an agreement to transition approximately US$4.5 billion in separate account assets into mutual funds advised by SunAmerica Asset Management, LLC (SAAMCo), a subsidiary of Venerable Holdings, Inc.

Under the proposed structure, the in-scope assets currently held in Guardian's variable products trust will be reorganized through a series of fund mergers into a variable insurance mutual fund trust managed by SAAMCo. The transaction is anticipated to close in late 2026, subject to customary closing conditions, including shareholder proxy solicitation and approval.

Guardian is a leading mutual company that provides life and disability insurance, dental and workforce benefits, retirement and wealth solutions. Venerable is a business with well-established, strategic investors, experienced in successfully building and growing insurance businesses with patient, long-term capital.

The Dechert team advising Guardian was led by financial services partners Corey F. Rose and James V. Catano and corporate partner Stephen R. Pratt. The broader team included tax partners Joseph A. Riley and Kevin Zaragoza with associate Kalina Hannsz; financial services associate Kathleen Hyer; and junior transactional associate Sidney Koehl.

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