In addition to the in-house asset manager Allianz GI, the largest shareholders of the insurer are the Vanguard Group, Norges Bank and Blackrock.
(Photo: dpa)
Munich The US bank Goldman Sachs joins Allianz – and secures 0.48 percent of the shares in Allianz. In addition, there are financial instruments such as futures, swaps and call and put options for a total of 4.88 percent of the 408.5 million Allianz shares. The new shares were announced on Thursday, but the deal was closed last week.
So far, Goldman Sachs has not been involved in the alliance. In addition to the in-house asset manager Allianz GI, the largest shareholders of the insurer are the Vanguard Group, Norges Bank and Blackrock. The large German fund companies DWS, Union Investment and Deka are also among the major shareholders. The largest single shareholder is Allianz GI with just over three percent. Over 83 percent of Allianz shares are in free float.
After the announcement became known, the Allianz share was one of the few winners in an overall weak Dax with an increase of around 0.8 percent to EUR 17.30 on Thursday. In the past few weeks, the course had lost significantly.
In addition to the generally weak market environment, the high burden of around six billion euros that the group had to pay in penalties and compensation for failed hedge fund strategies by its subsidiary Allianz GI in the USA also contributed to this.
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The procedures with the US Securities and Exchange Commission and the US judiciary have been completed since the spring. Now former fund managers still have to answer to US courts. However, the start of the process is not scheduled until February 2024.
Significant price loss since spring
Allianz shares were still listed at up to 220 euros in April. When it then became clear how much the US debacle would actually burden the group, many investors reacted disappointed. A number of investors reduced their share price targets.
Recently, however, opinion has turned. Since the share fell towards EUR 170, experts have praised the high dividend yield of six percent that could be achieved with the current price after the Annual General Meeting in May next year. CFO Giulio Terzariol emphasized in August that Allianz’s distribution policy in the coming year is not in jeopardy despite the billions in damage.
After a distribution of 10.80 euros for the past year, this time it should be at least five percent more, according to the goal. The more than 800,000 Allianz shareholders can therefore expect at least EUR 11.34 per share next May.
As is usual in such cases, there were no reactions from either Goldman Sachs or Allianz. On the stock market, a trader rated it positively that Goldman Sachs, of all things, is a large US bank, i.e. from the country in which Allianz recently had the greatest problems: “We will now be watching with interest whether other names from there will follow .”
More: Allianz boss Oliver Bäte: “Germany is a world champion in fear”