When learning of the billions gone from Allianz Global Investors’ collapsed Structured Alpha hedge funds—which lost pretty much everything amidst the pandemic-induced turmoil last winter, the thoughts of most (certainly of most plaintiffs’ lawyers) turn to the teachers, Teamsters, transit workers and others who’ve had a large hole blown in their pensions or endowments. Nobody, however, asks about Allianz CEO Oliver Bäte, or checks in to see how he’s handling, well, not so much the alleged betrayal of trust of the thousands and thousands who relied on his firm to steward their financial futures, but certainly the potentially crippling Justice Department investigation stemming therefrom. Well, he’s going to tell you anyway.
“It was a horrible week for us and for me personally,” he said.
Lest you think that’s a somewhat heartless and tone-deaf thing to have hopped onto an earnings call to say, Bäte did go on to acknowledge the pain and suffering the funds’ failure caused. He’s just not going to do anything about it, because as he’s said before, “the event does not have anything to do with the performance ability, culture or the ethics of Allianz Group.”
“This event will leave its mark, but it will not change the Allianz’s path,” Baete said.
Baete said he regretted that some investors lost money.
Allianz CEO describes ‘horrible week’ with U.S. DOJ probe [Reuters via CNBC]
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