The logo of insurer Allianz SE in Puteaux in La Defense outside Paris, France, May 14, 2018. REUTERS/Charles Platiau/File Photo
Market panic around the virus resulted in billions of dollars in losses last year, hitting many investors, but no other top-tier asset manager is facing such a large number of lawsuits in the United States connected to the turbulence. Allianz' management has reassessed the matter and come to the conclusion that there is a relevant risk that the Structured Alpha Funds issue could materially impact future financial results of Allianz, it added.
The U.S. lawsuits allege that Allianz Global Investors, in its Structured Alpha family of funds, strayed from a strategy of using options to protect against a short-term financial market crash.
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