The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau/File Photohas dismissed two asset managers who oversaw a group of investment funds that collapsed after racking up massive losses when the spread of coronavirus triggered wild market swings, according to regulatory filings.
Reuters reported in October that the DOJ was looking into possible misconduct by managers of the Structured Alpha funds and the misrepresentation of risk to investors.Tournant did not immediately respond to a LinkedIn message seeking comment and has not responded to multiple previous efforts by Reuters to contact him. Allianz declined to comment.
The Allianz funds used complex options strategies to generate returns but when the coronavirus pandemic sent stock markets into a tailspin in February and March 2020, they plummeted in value, in some cases by 80% or more.