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7 Sept 2021

Allianz Being Investigated By German Regulators

The Index Today

Allianz, the biggest financial company in the region, is under investigation by German regulators over mishandling of U.S investment funds.
The investigation has increased pressure on the company which is already dealing with a number of lawsuits by investors. Most lawsuits have been linked to the Structured Alpha Funds by the U.S Department of Justice DOJ and the Securities and Exchange Commission SEC.
The Insurer is leading as the world’s biggest money manager with over 2.4 trillion in assets. These assets are managed through Pimco and Allianz Global Investors. The investigation has been initiated by regulator BaFin and will look into all departments and units of the corporation.
Officials heading the investigation are seeking to find information on the level of knowledge executives outside the fund division had regarding funds losses. According to reliable sources, the investigation is still in its preliminary fact-finding stage. However, the situation sped up after the DOJ probe announcement by Allianz.
Majority of the investigations are related to the Structured Alpha funds which are used for the U.S Pension funds for employees. After the pandemic, funds fell to a great extent, and in some cases more than 80%. In March 2020, Allianz shutdown two funds worth $2.3 billion. These losses led to investors withdrawing their money.
25 lawsuits have been filed against the corporation by investors who are seeking $6 billion in damages. On the other hand, Allianz lawyers have said that investors were well aware of the risks involved and cannot pursue legal claims.

©Photo: Bloomberg

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