Munich, Frankfurt It could be a show with numerous words of thanks if there weren’t a big flaw. When Allianz CEO Oliver Bäte appears in front of his shareholders on the first Wednesday in May, the multi-billion dollar debacle in the USA overshadows last year’s record profit and the rapidly increasing dividend.
Management and the Supervisory Board will have to answer numerous critical questions, especially since the full financial extent is still not foreseeable.
Hedge fund managers at the subsidiary Allianz Global Investors (AGI) in Florida had promised institutional customers high returns with supposedly safe investments for years with so-called Structured Alpha products. But with the outbreak of the corona pandemic two years ago, losses piled up, some of them heavy. Now there is a risk of high fines and compensation payments.
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