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German Allianz and its US financial problems by Reuters

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© Reuters. File Photo: The Allianz Global Investors logo was taken on August 16, 2021 at the company’s headquarters in Frankfurt, Germany. The photo was taken on August 16, 2021. REUTERS / Tilman Blasshofer

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Frankfurt (Reuters)-Germany Allianz (ETR :) has agreed to pay about $ 6 billion, with a group of billions of investment funds in the market turmoil caused by the 2020 coronavirus pandemic. After the collapse, the US asset management department pleads guilty to fraud.

Based on court documents, corporate disclosures, archived websites, official statements, and the minutes of the Investor Meeting, the timeline for Saga’s major events is as follows:

Year 2005

Allianz’s US Asset Management Division has established a so-called Structured Alpha Fund under its manager, Greg Tonant.

2007

The Arkansas Pension Fund for Retired Teachers, which will later sue Allianz first for investing in the fund, owns $ 19.4 million in Allianz shares, the fourth largest foreign company. It is a large stock.

2008

The Arkansas Pension Fund has made an initial investment in the Allianz Structured Alpha Fund.

2013-2016

Arkansas has decided to build up its investment in the Allianz Fund. The fund also attracted pension funds to serve Alaskan workers and New York subway workers.

2016

Marketing sources describe the fund as a “tested and proven solution” and “consistently above target.” They are sold as an “insurance-minded and confident strategy.”

2019

Arkansaw’s holdings of Structured Alpha will reach a market value of $ 1.6 billion at the end of 2019. This is a significant portion of the $ 18.3 billion fund.

2020

January-The global stock market plummets amid concerns about the spread of the coronavirus.

February 3-Mohamed Ellerian, Allianz Chief Economic Advisor, warned CNBC viewers not to “buy dips” because the coronavirus crisis was unprecedented.

March 13-Investment consultant Aon (NYSE :) warns Structured Alpha investors in a “flash report” to review Structured Alpha’s funds.

March 25-Allianz announces liquidation of two hit funds. According to the proceedings, investors also say that the chief fund manager, Tonant, was ill for several weeks.

March 27-Allianz continues to commit to the fund’s franchise, stating that “the rest of the fund is currently in a good position,” but Aon has issued another report recommending a “sale.” increase.

March 31-One of Arkansas’s funds loses 78% in the first quarter, compared to a 22% drop in the benchmark.

April 6-The Arkansas Fund’s Board of Directors voted to terminate the Allianz Fund and hold earnings on BlackRock (NYSE :).

June 30-Arkansas Foundation Board of Directors Votes to Sue Allianz.

July 20-The Arkansas case was filed in the Southern United States of New York, claiming a loss of $ 774 million.

On July 21, Allianz published a paper stating that “losses were not the result of a portfolio investment strategy or risk management process failure.” It was then removed from the web.

August 4-Allianz reveals that the SEC is under investigation.

September-By this point, many other investors have filed similar proceedings in Arkansas, followed by more.

2021

May-US Department of Justice approaches Allianz for funding information.

On August 1, Allianz released a Justice Ministry investigation, stating that it could be financially hit.

August 2-Allianz shares fall 7.8%.

August 7 Allianz CEO Oliver Bäte describes the “horrible week” and admits that “not everything was perfect in managing money.”

September 10-Reuters reports that the DOJ was considering the possibility of fraud by fund managers and the misrepresentation of risk to investors.

2022

February 17-Allianz says it will secure € 3.7 billion ($ 3.9 billion) to deal with investigations and proceedings. Report 2021 profits were the lowest since 2013.

February 18-Allianz announces a reduction in CEO and board bonuses and a reconciliation with the “overwhelming majority” of investors.

February 28-Many large investors file to end the proceedings.

March 3-Arkansas withdrew the proceedings after a settlement of $ 642 million, according to court documents and board minutes.

March 4-Allianz Annual Report Reveals Allianz Chief Executive Officer Oliver Bäte Earn 9% More in 2021 Despite Reducing Fund Saga Bonus I am doing it.

May 11-Allianz has secured an additional € 1.9 billion to resolve the proceedings and fines from US regulatory agencies. nL5N2X327P]

May 17-DOJ has announced that Allianz has agreed to pay approximately $ 6 billion and that the US asset management department will plead guilty to fraud.

($ 1 = 0.9496 euros)

German Allianz and its US financial problems by Reuters

Source link German Allianz and its US financial problems by Reuters

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