A former Allianz SE hedge-fund manager avoided prison and will instead spend 18 months in home confinement for fraudulently inflating the value of funds that ultimately collapsed, resulting in $3.2 billion in investor losses. Gregoire Tournant, the former chief investment …
A former Allianz fund manager pleaded guilty on Friday over his role in a meltdown of private investment funds sparked by the pandemic that caused an estimated $7 billion of investor losses. Gregoire Tournant, 57, of Basalt, Colorado, admitted to …
A U.S. judge has rejected former Allianz fund manager Gregoire Tournant’s bid to dismiss a criminal fraud case over his role in causing more than $7 billion of investor losses. In an order made public on Friday, U.S. District Judge …
A New York judge ordered a unit of Allianz SE to pay about $6 billion as punishment for misrepresenting the investment risk posed by a group of hedge funds that collapsed amid market fluctuations caused by the Covid-19 pandemic. US …
Germany’s Allianz on Friday swung to a fourth-quarter net profit, rebounding after taking big charges a year earlier for a U.S. funds scandal and as a higher investment margin boosted its life and health insurance business. But its asset management …
For years, Allianz, one of the world’s biggest investors, piled billions into property, wind farms and even London’s sewage system, but now it is moving to shun such “alternative” investments for plain vanilla bonds, people with knowledge of the matter …
The former Allianz SE hedge fund manager charged with fraud over billions of dollars in investor losses asked a judge to throw out the case, claiming lawyers wrongly betrayed him to protect the company. Gregoire Tournant claims in a Monday …
As we reach the end of another eventful year, Insurance Journal takes a look back at some of the top International stories, which were, of course, dominated by the Russia-Ukraine war. Three of the top 10 articles in 2022 covered …
Germany’s Allianz has agreed to pay about $6 billion and its U.S. asset management unit will plead guilty to fraud after a group of its multibillion investment funds collapsed amid market turmoil triggered by the coronavirus pandemic in 2020. Here …
The star portfolio manager at the center of a fraud at the U.S. funds unit of Allianz SE relied on the German insurer’s good name to lure investors and thrived from a lack of oversight as he pocketed $60 million …
