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Exclusive-U.S. DOJ looking into conduct of Allianz fund managers

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Reuters

By Tom Sims and Chris Prentice FRANKFURT/WASHINGTON (Reuters) – The U.S. Department of Justice (DOJ) investigation into German insurer Allianz is looking at possible misconduct by fund managers and misrepresentation of risk to investors, three people with knowledge of the matter told Reuters. The probe, disclosed by the company on Aug. 1, is focused on Allianz funds that used complex options strategies to generate returns but racked up massive losses when the spread of COVID-19 triggered wild stock market swings in February and March 2020. The DOJ is looking into whether managers at Allianz Gl…

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