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Allianz CEO: Vast COVID-19 Cost Will Anger Many Ordinary People | Investing News

October 7, 2020

By Guy Faulconbridge, Kate Holton and Paul Sandle

LONDON (Reuters) – Allianz

CEO Oliver Baete said on Tuesday that European governments needed to be careful about spending record amounts on the COVID-19 crisis as many ordinary people would be angry when they were handed such a vast bill.

The coronavirus pandemic has prompted a debt-fuelled spending splurge by governments across the world as lockdowns batter economies, shred millions of jobs and push whole sectors towards collapse.

The boss of Allianz, which has 2.3 trillion euros under management, said that there were a lot of “zombie” companies being kept afloat with government money though many private households were more resilient than some thought.

Many ordinary people, Baete said, were clearly smarter than the political classes who were spending record amounts of money – an issue that he said could one day hurt social cohesion.

“Our people are apparently much smarter than

U.S. pension funds sue Allianz after $4 billion in coronavirus losses

September 29, 2020

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FRANKFURT (Reuters) – Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany’s Allianz, one of the world’s top asset managers, for failing to safeguard their investments during the coronavirus market meltdown.

The logo of Allianz is seen on a building in Paris, France, April 30, 2020. REUTERS/Charles Platiau

Market panic around the virus that resulted in billions in losses earlier this year scarred 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.

In March, Allianz ALVG.DE was forced to shutter two private hedge funds after severe losses, prompting the wave of litigation the company says is “legally and factually flawed”.

Together, the various suits filed in the U.S. Southern District of New York claim investors lost a total of around $4 billion. The fallout has also prompted

U.S. pension funds sue Allianz after $4 bln in coronavirus losses

September 28, 2020

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By Tom Sims

FRANKFURT, Sept 28 (Reuters) – Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany’s Allianz, one of the world’s top asset managers, for failing to safeguard their investments during the coronavirus market meltdown.

Market panic around the virus that resulted in billions in losses earlier this year scarred 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.

In March, Allianz ALVG.DE was forced to shutter two private hedge funds after severe losses, prompting the wave of litigation the company says is “legally and factually flawed”.

Together, the various suits filed in the U.S. Southern District of New York claim investors lost a total of around $4 billion. The fallout has also prompted questions from the U.S. Securities and Exchange Commission, Allianz has said.

U.S. Pension Funds Sue Allianz After $4 Billion in Coronavirus Losses | Investing News

September 28, 2020

| No Comments

| business

FRANKFURT (Reuters) – Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany’s Allianz, one of the world’s top asset managers, for failing to safeguard their investments during the coronavirus market meltdown.

Market panic around the virus that resulted in billions in losses earlier this year scarred 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.

In March, Allianz was forced to shutter two private hedge funds after severe losses, prompting the wave of litigation the company says is “legally and factually flawed”.

Together, the various suits filed in the U.S. Southern District of New York claim investors lost a total of around $4 billion. The fallout has also prompted questions from the U.S. Securities and Exchange Commission, Allianz has said.

A spokesman for Allianz Global Investors said

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