Allianz fires two managers in wake of investment fund collapse

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Allianz fires two managers in wake of investment fund collapse
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The downfall of the $15 billion Structured Alpha funds has landed the German insurance company in hot water with the U.S. Department of Justice (DOJ) and Securities and Exchange Commission, which are both investigating what went wrong

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The funds were run by portfolio manager Greg Tournant, who had been with Allianz Global Investors since 2002, according to a profile that used to be on Allianz’s website.

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 per cent or more.

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