Op risk data: Allianz dealt a $4bn blow for not-so-Alpha Funds
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Allianz, the Germany-based insurer and asset manager, sustained February’s largest loss by far when it provisioned €3.7 billion ($4.0 billion) for anticipated settlements with pension fund investors in Allianz Global Investors’ US Structured Alpha Funds. The move follows a string of investigations by German federal regulator Bafin, and by the US Department of Justice (DoJ) and Securities and Exchange Commission (SEC) into misconduct at the funds.
During the volatility sparked by the Covid-19
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