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Allianz Top Executive Mulls Early Departure Amid US Probe - Media

Tom Burroughes

21 September 2021

The top asset management executive at Germany-based investments powerhouse investigation.

At least 25 investor lawsuits, predominantly by US public pension funds, have been filed against Allianz for a total of about $6 billion in damages. The US DOJ investigation into Allianz is looking at possible misconduct by fund managers and misrepresentation of risk to investors, reports have said. 

Allianz disclosed the probe on August 1, referring to the “Structured Alpha Funds.” The US Securities and Exchange Commission launched a probe last year. The statement said: “Allianz Global Investors US LLC has received a voluntary request for documents and information from the DOJ. Allianz is fully cooperating with the SEC and the DOJ in the investigations and has immediately started its own review of this matter.”

The firm said that it has not yet made a provision for any potential costs associated with court proceedings and investigations, as the outcome or timing was unknown.

According to the WSJ report, Hunt said she wanted to leave earlier this year before the DOJ notified Allianz about the investigation. She cited clashes over a corporate culture that had accumulated over time, the report’s source said. In August, chief executive Oliver Bäte said that the DOJ had “looked at some additional items” since May.