An ex-star manager from Union Investment and an accomplice confessed to having used insider knowledge for transactions on the stock exchange. The verdict against them will be given at the end of September.
Dusseldorf There was horror at Union Investment: “If the allegations were to be confirmed, the employee would have acted with considerable criminal energy,” said the fund provider a good year ago. The public prosecutor’s office had just searched Union Investment’s Frankfurt headquarters and the company released the employee.
CEO Hans Joachim Reinke quickly spoke of a great human disappointment. It wasn’t about any employee, but one of the stars of the house. A fund manager to whom Union Investment entrusted two flagships – the Uniglobal equity fund with seven billion euros in fixed assets and Uniglobal Vorsorge with assets in excess of nine billion euros.
The flagship manager suddenly had the bad suspicion that he might have used inside information, which was not known to the general public and which could be price-sensitive, for his own benefit and for profits in the millions. Not only the Union Investment team, but the entire industry was shocked.
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