“Structured Alpha Funds” promised returns that were significantly higher than a set benchmark.
(Photo: dpa)
new York Gregoire Tournant knew what his customers wanted to hear. “He told them he had a master cop breathing down his neck watching what he was doing with their money in the stock market,” US Attorney Damian Williams said at a news conference on Tuesday. After all, Allianz is “one of the largest and most conservative insurance groups in the world”. He was a risk manager and only secondarily a return manager.
Tournant was the lead portfolio manager of a group of hedge funds owned by Allianz subsidiary Allianz Global Advisors (AGI). They were imposed specifically for the US market in 2005 under the name “Structured Alpha Funds” and they promised returns that were significantly higher than a set benchmark, the S&P 500 for example.
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