Allianz Slammed by Investors After $3.9 Billion Fund Blowup (2)
By Stephan Kahl
May 2, 2022, 3:43 PM
Two of Allianz SE’s biggest shareholders slammed the insurer for multibillion dollar losses at its Structured Alpha hedge funds, warning the hit had shaken investor confidence and may entail further legal costs.
“Structured Alpha shook the foundation of trust in Allianz management,” Ingo Speich, head of corporate governance at Deka Investment, said in a statement ahead of the Munich-based firm’s annual general meeting on Wednesday. Major communication shortcomings on the matter contributed to 2021 being a lost year for shareholders, he added. Deka said it holds about 1.2% in Allianz.
