Seats on the board of Allianz SE: As Europe’s largest insurer announced, Jacqueline Hunt, the board member responsible for asset management and US life insurance, is stepping down prematurely.
Hunt has been with Allianz since 2016. Allianz Global Investors and Pimco fall within her area of responsibility. Her contract was renewed in 2019 and would actually have run until the end of 2022. Her successor will be Allianz Leben boss Andreas Wimmer.
According to a report in the Wall Street Journal last week, Hunt made it clear internally this year that she did The company wanted to leave the company sooner, even before the US Department of Justice had informed Allianz in August of its investigation into the US funds. She referred to differences of opinion about the corporate culture that had accumulated over time. Tensions developed with CEO Oliver Bäte.
Allianz, one of the largest asset managers in the world, warned in early August that lawsuits in the US were related the Structured Alpha Funds could have “material effects” on the Group’s future financial results. Previously, according to the US Securities and Exchange Commission, the Justice Department in Washington had also intervened in the investigation.
The Group has not yet formed any provisions for this because it cannot yet assess the effects of the lawsuits. The company is cooperating with the investigators and has started its own investigation. The focuses on risk and compliance management in connection with the funds.
Allianz share holds up well in the gloomy DAX – Berenberg upgrades
Allianz shares are currently increasing in XETRA business by 0.21 percent to EUR 195.24.
In asset management, the group in the USA is struggling with expensive legal problems. The manager responsible for the area, Jacqueline Hunt, will now be replaced. The move was not rated as a surprise on the market, although it was not helpful for the mood either.
A buy recommendation from Berenberg Bank was more helpful on Friday. With a still valid target price of 254 euros, analyst Michael Huttner sees clear room for improvement for the stocks. He believes that the Munich-based company will give investors the prospect of higher operating earnings growth than before at their Investor Day at the beginning of December.
FRANKFURT (Dow Jones) / (dpa-AFX)
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