Jacqueline Hunt, a member of Allianz’s board of directors, is stepping down from her position at the Munich insurance giant after the multibillion-dollar hedge fund loss scandal.
The 53-year-old Allianz, who has been in charge of asset management since 2016, announced that he wanted to pull out of day-to-day business, following a board meeting. CEO of Allianz’s most important subsidiary, Allianz Leben, Andreas Wimmer (47), is now responsible for the asset management division with asset managers Pimco and Allianz Global Investors.
Billions of lawsuits filed in the United States
Hunt has been assigned at least part of the group’s responsibility for the disaster suffered by one of two asset management subsidiaries, Allianz Global Investors (AllianzGI), in the coronavirus crisis with hedge funds.
About 25 institutional investors in the United States — including government employee pension funds — sued Allianz for $6 billion because they lost a significant portion of their commitment in the spring of 2020 in risky but supposedly crisis-resistant securities.
You accuse Allianz of deviating from its investment strategy in light of the temporary panic in the markets. The losses also prompted regulators in the United States and Germany and the US Department of Justice to act.
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