US News Allianz share Moderately weaker: Asset Management Income Standing prematurely occurs - US judge leaves twelve investor actions to

13:30  01 october  2021
13:30  01 october  2021 Source:   finanzen.net

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stools in the board of Allianz SE: as Europe's largest insurer informed, the proceedings responsible for asset management and US life insurance Jacqueline Hunt prematurely from your office.

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The Allianz had announced to prefer the succession planning in the Executive Board, which also in connection with the ongoing investigations on massive losses in US hedge funds of Allianz Global Investors (" Structured alpha ") stands.

Hunt has been with the Alliance since 2016. Allianz Global Investors and Pimco are within their area of ​​responsibility. Your contract has been renewed in 2019 and would actually go until the end of 2022. Your succession will compete alliance life boss Andreas Wimmer.

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According to a report of Wall Street Journal from last week, Hunt has clarified internally this year itself that she wanted to leave the company earlier, even before the US Department of Justice the Alliance in August on his investigation in the US funds Had set up knowledge. Thus, they referred to disagreements about the corporate culture, which would have accumulated over time. With Board of Management Oliver Bäte had developed tensions.

The Alliance, one of the largest asset managers worldwide, had warned at the beginning of August, lawsuits in the US in the context of Structured alpha funds could have "significant impact" on future financial results of the Group. Previously, the Ministry of Justice in Washington had been turned into the investigation after the US Stock Exchange Supervisory Board. However, the Group has not yet formed

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provisions because it can not estimate the effects of lawsuits yet. The company cooperates with the investigators and has started his own investigation. It focuses on risk and compliance management related to the funds.

US judge lets twelve investor actions against Alliance to

in the dispute by billions of losses of their hedge funds in the Corona crisis in the US must face the Alliance at least twelve complaints of investors.

A judge in the New York district Manhattan made the lawsuits on Thursday - including two collecting suits - in the volume of four billion dollars. In the 81-page decision, district judge Katherine Polk Fallilla wrote that investors would have to show that the asset management subsidiary Allianz Global Investors (Allianzgi) acted carelessly and not in good faith in the management of "Structured Alpha" funds. Overall, more than two dozen complaints of investors, which require about six billion dollars from the Alliance.

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The proceedings responsible for the asset management division Jacqueline Hunt gave its post on Thursday with immediate effect.

The "Structured Alpha Funds" had lost up to three quarters of the value when the markets had gone to the knees in the first Corona shock in March 2020. Two funds in volume of 2.3 billion dollars were liquidated. Judge Fallilla stated that the applicants could prove to prove that the Alliance violated the information in their sales documents for hedge funds. The asset manager has argued that it is a "better advertising brochure", from which the alliance can deviate according to his own well-fold, the judge wrote.

in the affair is now also determined by the US Department of Justice and the US Securities Supervisor Sec. According to insiders, according to insiders, it is about whether the Allianzgi has misjudged the risks of hedge funds to investors. The Alliance is insisting on experienced institutional investors handling the risks of hedge funds.

The Allianz share

responds the problems of allianz in the USA hardly burdened the insurer's shares on Friday. The titles held in the weak DAX with a tee of last 0.4 percent comparatively well.

In the asset management, the Group has to fight for expensive legal problems in the USA. The Jacqueline Hunt responsible for the area is now replaced. In the market, the step was not considered a surprise, although he was not helpful for the mood.

Helpful on Friday was a purchase recommendation of Berenberg Bank. With a further valid price target of 254 euros Analyst Michael Huttner looks clearly air for the titles. He believes that the Munich on her investor's day at the beginning of December the investors face a higher operating earnings growth than before.

Frankfurt (Dow Jones) / (Reuters) / (DPA-AFX)

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