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    ALV   DE0008404005

ALLIANZ SE

(ALV)
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Real-time Estimate Tradegate  -  04:10 2022-06-30 am EDT
180.93 EUR   -1.52%
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Allianz exec faces 40 years in prison over Structured Alpha fund fraud

05/19/2022 | 01:21am EDT

THE PORTFOLIO manager behind Allianz' Structured Alpha funds faces decades in prison after he traded off Allianz' good reputation to defraud investors of billions, US prosecutors have said.

French-American citizen Gregoire Tournant earned $60m from his role at Allianz, as he lied to investors and misled them as to the risk of investing in the Structured Alpha funds.

The 55-year-old investment manager now faces up to 40 years in prison on five separate counts of fraud and conspiracy to obstruct justice.

The New York prosecutors also said Allianz failed to keep watch over Tournant as they claimed the firm was "asleep on the beat" while Tournant and his co-conspirators lined their own pockets by misleading pension funds.

The comments come after Allianz's $11bn Structured Alpha funds racked up $6bn in losses at the start of the pandemic, as their risky options strategy faltered in the face of stock market volatility at the start of Covid-19.

(c) 2022 City A.M., source Newspaper

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Financials
Sales 2022 152 B 159 B 159 B
Net income 2022 7 912 M 8 284 M 8 284 M
Net Debt 2022 22 655 M 23 720 M 23 720 M
P/E ratio 2022 9,66x
Yield 2022 6,23%
Capitalization 74 374 M 77 871 M 77 871 M
EV / Sales 2022 0,64x
EV / Sales 2023 0,62x
Nbr of Employees 155 411
Free-Float 99,9%
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Mean consensus BUY
Number of Analysts 18
Last Close Price 183,72 €
Average target price 252,07 €
Spread / Average Target 37,2%
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Managers and Directors
Oliver Bäte Chief Executive Officer
Giulio Terzariol CFO, Head-Finance, Controlling & Risk
Michael Diekmann Chairman-Supervisory Board
Barbara Karuth-Zelle Chief Operating Officer
Renate Wagner Head-Human Resources, Legal & Compliance
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