Frankfurt, Munich Allianz has taken another step forward in reappraising its failed hedge fund strategies in the US. “We concluded an agreement with key investors this morning,” said CEO Oliver Bäte at a press conference on Friday. A sum in the billions might therefore soon flow to the damaged major customers.
However: There might be further compensation to investors and fines to US authorities, which means that the overall burden for the group is still unclear. There is neither a specific sum nor a timetable, said Bäte.
On Thursday evening, Allianz announced that it would book a provision of 3.7 billion euros for so-called structured alpha funds of the US subsidiary Allianz Global Investors (AGI) in Florida, which came under massive pressure at the beginning of the corona crisis and suffered high losses . After deducting around a quarter of taxes, the Allianz Group’s annual result for 2021 will be burdened with around 2.8 billion euros.
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