Hedge fund Toms Capital Investment Management is escalating its activist campaign at Voya Financial, seeking to take its call for a strategic review directly to shareholders and pushing for the asset manager to consider a potential sale, according to a report by the Wall Street Journal. The move marks a significant escalation after months of private discussions failed to persuade Voya to formally examine strategic alternatives, including a potential sale of the company. The activist investor wants Voya to abandon efforts to turn around the stop-loss operation and instead explore strategic alternatives for the business, including a potential sale of the entire company. The Voya campaign is its first formal public statement on one of its investments. The hedge fund, co-founded by Ben Pass, has built positions in several major US companies, including Target, Kellanova, CSX and Kenvue.