What about Allianz is one of the questions in the morning. The query stems from an investigation initiated by the German courts into one of the world’s largest money managers for the disappearance of funds after the pandemic.
The regulatory bodies of Germany, headquarters of the insurance company, began the investigation into the losses detected in US investment funds in 2020.
The process, published this Tuesday, September 7 by Reuters, is a measure that generates even more pressure on the insurance company that already supports a demand from investors for its Structured Alpha Funds and another one in the United States Department of Justice and the Securities and Exchange Commission (SEC).
The problem at Allianz is not a minor fact, since it is one of the insurers that manages the largest amount of assets in the world. It is estimated to have under its control nearly $ 3 trillion in Pimco bonds and under the Allianz Global Investors umbrella.
The investigation has led to raids at different locations in Germany, according to Reuters, and other procedures in other countries around the world are not ruled out.
German officials are looking at the extent to which Allianz executives, beyond the specific division that manages the funds, are aware of or have been involved in the alleged embezzlement.
From Allianz, they told the news agency that they know about the situation and that “it is an absolutely normal process”, with the idea of bringing peace of mind to their clients.
Beyond the expressions of the brand, the truth is that this type of investigation raises concern. Allianz has a presence in most Western countries, including Latin American countries such as Mexico, Brazil, Argentina and Colombia.
As we explained earlier, at the center of the debate are Allianz Global Investor’s Structured Alpha Funds, which target pensions for Americans, especially teachers and subway employees. They were also marketed to investors from Europe.
The coronavirus pandemic caused the value of these funds to collapse, in some cases by more than 75 percent.
The disaster was so great that Allianz closed two of these funds in April 2020, which, before the onset of the health crisis, were worth more than $ 2.2 billion.
At the same time, investors in other funds drew theirs out of fear that the closure would extend to theirs.
The first reaction in the markets in a fall in Allianz shares.
Until now, no specific information about this investigation has been released on the Allianz customer portal.