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Allianz SE: Oliver Bäte - der neue Joe Ackermann/Deutsche Bank ?

eröffnet am 21.07.18 17:46:32 von
neuester Beitrag 19.05.22 10:47:40 von

ISIN: DE0008404005 | WKN: 840400 | Symbol: ALV
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 Ja Nein
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19.05.22 10:47:40
Beitrag Nr. 41 ()
Wie gesagt, dass keine Köpfe im Management bzw Aufsichtsrat rollen zeigt nur eins: Weiter so, aber lasst euch nicht erwischen und wenn doch, dann so spät, dass wir genug Gewinne erzielen konnten.
Ich investiere vorerst nicht weiter, meine Position ist aber auch groß genug. Von der IR gab es nicht mal ne Rückmeldung zu meinen Vorwürfen diesbezüglich. Einfach nur traurig.
Allianz | 196,18 €
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19.05.22 10:23:32
Beitrag Nr. 40 ()
Allianz: Risk monitoring and control?
Die Allianz zählt zu den größten Vermögensverwaltern der Welt... (*)

Frage #1:
• warum leistet sich die Allianz zwei offensichtlich stark von einander getrennt geführte, beaufsichtigte und konkurrierende Strukturen für die Vermögensverwaltung?
Gemeint sind PIMCO (Kauf in 2000) und Allianz Global Investors/AllianzGI (Ex-Allianz Asset Management, 1998 (~)). Gut, das hat historische Gründe, wie meist immer, aber über viele Jahre hinweg? (+)

Frage #2:
• wo noch in diesem großen Reich, in dem die Sonne niemals untergeht, gibt es dunkle Ecken, die sich einem ausreichenden Risk monitoring and control entziehen?



(*) https://www.manager-magazin.de/finanzen/geldanlage/allianz-n…
(~) https://de.wikipedia.org/wiki/Allianz_Global_Investors

(+)
February 18 2016
Pimco and AllianzGI: a tale of two fund houses
Competition between the two sister companies is hotting up, and AGI is the surprise frontrunner
https://www.ft.com/content/c600db4c-d3dd-11e5-8887-98e7feb46…
...
In September 2011 their parent company, Allianz, the German insurer, decided to separate the two businesses, cutting the links they once shared in areas such as distribution, and intensifying competition between the pair.
...

The message was clear: the two businesses were in competition, a strategy that still stands. “They are competitors. They are competing in a massive global market with the backing of Allianz as a parent company,” said a spokesperson for the insurer last week.

...
Allianz | 196,20 €
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19.05.22 09:55:20
Beitrag Nr. 39 ()
"Der Polizist hat geschlafen"
18.5.
Allianz-Skandal: Der Vorstand weiß mal wieder von nichts
https://www.sueddeutsche.de/wirtschaft/allianz-structured-al…
...
In einer solchen Situation ziehen manche Unternehmen Konsequenzen. Führungskräfte müssen gehen, manchmal sogar die Chefs. Nicht so die Allianz unter Oliver Bäte. Hier ist niemand verantwortlich. Denn außer den drei angeklagten Managern der Structured-Alpha-Fonds habe im gesamten Konzern niemand etwas gewusst, betont der Versicherer. Mein Name ist Bäte, ich weiß von nichts.
...

Solange die Allianz selbst ordentlich Gewinne machte mit Structured Alpha, hat niemand genauer hingesehen. Denn der Konzern, der eigentlich existenzielle Risiken seiner Kunden absichern soll, hat inzwischen vor allem ein Ziel: über hohe Dividenden und Aktienrückkäufe den Kurs oben zu halten und damit die Anleger zufriedenzustellen. Dabei haben die hohen Gewinne aus Structured Alpha geholfen. Das nutzt auch der Allianz-Führung, weil sie einen Teil ihrer Vergütung in Aktienoptionen erhält.

Sehr wahrscheinlich kommen Bäte und der Allianz-Vorstand deshalb auch diesmal mit der Behauptung durch, sie hätten von nichts gewusst. Niemand von den großen Anlegern stellt die Frage, warum das so ist, warum Allianz Global Investors jahrelang ungestört tricksen und betrügen konnte. Zu verführerisch sind die hohen Dividenden.
...

Wie also führt der Vorstand eigentlich den Konzern? Offenbar ohne vernünftige interne Kontrollsysteme. Und das gilt nicht nur für Structured Alpha. Im Jahr 2020 räumte die Allianz zwei weitere Betrugsvorwürfe von Aufsichtsbehörden in Australien und Bermuda ein. Sie sind zwar deutlich kleiner, aber es bleibt dabei: Die Allianz musste auch da zugeben, dass gelogen und betrogen wurde.

...


ein paar mehr technische Details:

18.5.
Ex-Manager von AGI -- Der Mann hinter dem Milliardenskandal der Allianz
https://www.manager-magazin.de/unternehmen/allianz-global-in…
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2002 war Tournant zu dem Allianz-Vermögensverwalter gekommen, 2005 rief er die "Structured Alpha"-Fonds ins Leben.
...

Noch im Februar 2020, ein paar Wochen bevor die Allianz die elf Milliarden Dollar schweren Hedgefonds nach hohen Verlusten abwickeln musste, hieß es in deren Marketing-Unterlagen: "Heute sind wir so gut vorbereitet wie immer, wenn es zu schweren Marktverwerfungen kommen sollte." Das beste Umfeld für die "Structured Alpha"-Fonds sei, wenn es an den Märkten mit hoher Volatilität abwärtsgehe, sagte Tournant mit leicht französischem Akzent in einem Video aus dem Jahr 2016, das Reuters vorliegt. In den Werbebroschüren erklärte er, die Fonds seien keine Rennwagen, sondern Allrad-Fahrzeuge für unwegsames Gelände.
...

Stattdessen fälschten Tournant und ein Mitarbeiter 75 Risikoberichte, die von einer Schwesterfirma kamen, bevor sie an die Kunden weitergeleitet wurden und sie stellten die Risiken kleiner dar, als sie waren. Mindestens seit 2014 sei das so gegangen, erklärte das US-Justizministerium.
...

Allianz Global Investors hatte Tournant im Dezember 2021 "wegen Verletzung von Unternehmensvorschriften" entlassen. Von den Manipulationen habe außerhalb seines kleinen Teams niemand gewusst, betonte der Münchner Versicherungskonzern. Anwälte und Wirtschaftsprüfer hätten 20.000 Mannstunden gebraucht, um sich durch die Dokumente zu wühlen, hieß es in München. Dabei hatte Tournant sich gegenüber Kunden oft auf die Reputation der Allianz berufen. Sie sei der "Polizeichef", sagte er 2014, und "überwacht jede Position, die ich eingehe". Doch Staatsanwalt Damian Williams sagte, niemand bei der Allianz habe Tournant auf die Finger geschaut: "Der Polizist hat geschlafen."

...
Allianz | 196,34 €
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18.05.22 14:56:39
Beitrag Nr. 38 ()
Und wieder:

McKinsey


Bäte started his career with McKinsey & Company in New York. Later, he moved to their offices in Germany. In 1998, he took over McKinsey’s German insurance practice.
https://en.wikipedia.org/wiki/Oliver_B%C3%A4te


=> Greg Tournant: https://www.linkedin.com/in/greg-tournant-3914a4114/
...



...
Lawyers for Tournant, a 55-year-old equity-options whiz and onetime McKinsey & Co consultant, called the case against him a “meritless and ill-considered attempt by the government to criminalise the impact of the unprecedented, Covid-induced market dislocation of March 2020” and said he would battle it in court. He is scheduled to enter his plea on Jun 2 in New York.
...
18.5.
Allianz fund collapse ends in guilty plea, US$5.8b deal
https://www.businesstimes.com.sg/banking-finance/allianz-fun…
Allianz | 201,75 €
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18.05.22 14:22:31
Beitrag Nr. 37 ()
Antwort auf Beitrag Nr.: 71.602.428 von faultcode am 18.05.22 14:14:47und am Ende wird dann der Mist verkauft; fragt sich nur, was die Allianz die ganzen Jahre über dabei verdient hat oder besser gesagt, verloren hat:

17.5.
Allianz to Sell US Fund Management Unit to Voya After SEC Ban
https://finance.yahoo.com/news/allianz-sell-us-fund-manageme…
...
Allianz SE plans to sell the bulk of the US piece of its Allianz Global Investors business to Voya Financial Inc. after it was banned for a decade from some fund services in the nation.

Voya Investment Management will add about $120 billion of assets under management as well as some investment teams, the company said in a statement Tuesday. Allianz will take a 24% stake in Voya IM.

Allianz Global Investors US agreed to plead guilty to fraud and pay $5.8 billion in fines and restitution after a relatively low-risk group of investment funds collapsed in the wake of pandemic market gyrations. The guilty plea means it is “disqualified from providing advisory services to US registered investment funds for the next ten years, and will exit the business of conducting these fund services,” the Securities and Exchange Commission said in a statement Tuesday.
...
Allianz | 202,05 €
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18.05.22 14:14:47
Beitrag Nr. 36 ()
Antwort auf Beitrag Nr.: 71.597.910 von faultcode am 18.05.22 00:03:43...
Prosecutors say that while Tournant assured big investors safety was his top priority, he secretly took huge, undisclosed risks. The result was a massive fraud that cost investors $7 billion, they say.

Tournant, the chief investment officer at Miami-based Structured Alpha, spent years “smoothing” performance data, lying about hedges against market downturns, and pretending risk managers at Allianz Global Investors US were carefully monitoring his every move, prosecutors charged in an indictment.
...

Prosecutors and regulators revealed new details of how they say Tournant, Taylor, and Bond-Nelson duped investors, consultants, colleagues and auditors.

As star performers at Allianz Global Investors US, Tournant and Taylor each earned $51.3 million from 2016 to 2020 and Bond-Nelson made $12 million, according to the SEC.

The cooperation of Taylor and Bond-Nelson wasn’t assured. At one point Tournant met Taylor at a vacant construction site, where they discussed fund reports they manipulated and how to respond to SEC investigators, according to the SEC complaint.

Tournant also encouraged Bond-Nelson, 51, to give false testimony to the agency. Bond-Nelson lied repeatedly to SEC investigators during his testimony in May 2021 before taking a bathroom break and not returning. Soon, he “decided to cooperate and assist the SEC staff in understanding the Structured Alpha fraud,” according to the agency complaint.

...

18.5.
Allianz Fund Managers’ Paydays Could Be Followed by Prison
https://finance.yahoo.com/news/allianz-fund-managers-big-pay…


--> dieses Phänomen ist in den USA durchaus bekannt und verbreitet. Es heißt: stUpiD gERMan moneY

Es fing nach meinem Kenntnisstand in den 90ern an, z.B. mit der Übernahme von Bankers Trust durch die Deutsche Bank, finalisiert im Juni 1999, nach einer langen Anbahnungsphase.

"Jeder" in den USA wusste, daß Bankers Trust ein Mistladen war, der bei den ganzen M&A's übrig geblieben war. Aber für den Spätzünder Deutsche Bank halt gut genug.
Allianz | 201,70 €
1 Antwort
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18.05.22 06:35:21
Beitrag Nr. 35 ()
Welchen Kleinanleger interessiert das? Mich nicht, die Hauptsache, die Dividende fließt!
Allianz | 202,78 €
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18.05.22 00:03:43
Beitrag Nr. 34 ()
:laugh:

17.5.
Allianz Cooperator Used Bathroom Break to Run Out on the SEC
https://www.bnnbloomberg.ca/allianz-cooperator-used-bathroom…

A former portfolio manager for the Allianz SE unit that agreed to pay $5.8 billion over the implosion of its hedge funds in 2020 saw no escape from the questioning of the SEC’s lawyers.

So Stephen Bond-Nelson excused himself to use the bathroom and never returned.

At least, not until he decided to plead guilty and cooperate in the investigation of the fraud.

The U.S. Securities and Exchange Commission was the first to figure out that it wasn’t just the Covid-19 stock market plunge that led to the collapse of Allianz Global Investors’ Structured Alpha Funds, but also fund managers who allegedly deceived investors and regulators about Structured Alpha’s risk.

SEC Director of Enforcement Gurbir Grewal recounted the world’s longest bathroom break at a press conference Tuesday at which criminal charges against Allianz and the funds’ former chief investment officer, Gregoire Tournant, were announced. The key to identifying the misconduct, according to Manhattan U.S. Attorney Damian Williams, was the SEC’s detective work.

Tournant and Bond-Nelson “were under the mistaken impression that the SEC staff were moving too quickly and as a result might not have put all the pieces together,” Grewal said. “So they came up with cover stories that Bond-Nelson would tell the SEC enforcement staff during his testimony. They couldn’t have been more wrong.”

Grewal said that “after Bond-Nelson lied on the record, SEC enforcement staff confronted him on his lies. Realizing that the gig was up, Bond-Nelson took a restroom break during his testimony and he never came back.”

Until, upon further reflection, he did
Allianz | 202,78 €
2 Antworten
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15.03.22 01:45:03
Beitrag Nr. 33 ()
<langer BBG-Artikel>




11.3.
Behind Allianz’s $4 Billion Fund Blowup, Red Flags and Fat Fees
https://finance.yahoo.com/news/behind-allianz-4-billion-fund…
...

All these months later, the big question remains: How could a few obscure money managers -- people on no one’s list of hedge-fund luminaries -- blow such a huge hole in Allianz, which traces its history to the days of Bismarck? The answer that emerges from court filings, Allianz marketing materials and people with first-hand knowledge of Structured Alpha’s investment strategy is a classic story of Wall Street salesmanship and greed, and a tale for these volatile times.
...

At the center of the debacle is Greg Tournant, 55, an equity-options whiz and one-time McKinsey & Co. consultant. A dual U.S.-French citizen, he arrived at Allianz Global Investors in the early 2000s by way of Oppenheimer Capital.

It turns out that Tournant and other fund managers behind Structured Alpha -- including longtime colleague Trevor Taylor -- previously ran into trouble during the 2008 financial crisis, with strategies that also involved options. Long before the pandemic, their small investment firm on Miami’s Brickell Avenue, aka, Wall Street South, collapsed when its trades went bad, according to two former employees there -- foreshadowing what was to come. Tournant and Taylor declined to comment.

At Allianz Global Investors U.S., Tournant and his Structured Alpha team were incentivized to pursue outsized returns. Instead of employing the usual formula for hedge-fund fees -- the “2 and 20” mix of management charges and a cut of profits -- they were compensated for one thing alone: performance. The bigger the investment gains, the bigger the payday. While Allianz made no secret of this arrangement, angry clients would later claim it was a recipe for bigger risks.

Tournant himself was heavily invested in the funds he managed and lost money along with clients, according to a person familiar with the matter. In early March of 2020, as he was grappling with the pandemic’s effect on his funds, Tournant went on medical leave for undisclosed reasons, the person said. Structured Alpha’s troubles continued after his departure.

In the finger-pointing that followed, some big investors accused the professional consultants they had hired to vet Structured Alpha of ignoring red flags and failing to understand what the funds were doing, according to lawsuits.
...

Roman Frenkel was a first-hand witness to the Structured Alpha team’s earlier failure when he worked at Innovative Options Management, the small Miami firm that Taylor founded and Tournant helped run briefly while continuing to manage money for Allianz. Disaster struck in 2008 when the collapse of Lehman Brothers rocked global finance, freezing up markets -- and with them, Innovative Options’ trades.

“The over-the-counter spreads were so great, they couldn’t close positions,” said Frenkel, who was chief compliance officer for Innovative Options. Instead of being part of the company’s planned expansion to waterfront offices, Frenkel ended up helping liquidate the business.
...

Another investor, the board of a pension fund run by the International Brotherhood of Electrical Workers, filed a lawsuit in 2020 that purported to identify what went wrong. The board alleged that when the pandemic started fueling wild volatility in February, Structured Alpha made a fateful bet against further market declines. It did so by selling options that would pay out for the purchasers, and hurt Structured Alpha, if the S&P 500 plunged, the pension said.

The trade proved disastrous for the Allianz fund managers when the index tanked in late February, and global markets experienced their largest single-week declines since the height of the 2008 financial crisis, the board claimed. By the end of March, Allianz announced it was liquidating two Structured Alpha funds.
...

The insurer warned last month that ongoing probes by the Justice Department and SEC are at a “sensitive” stage and it couldn’t yet predict the final price tag from regulatory settlements and private litigation. Bloomberg Intelligence analysts predicted Feb. 18 that the insurer’s 3.7 billion euro provision won’t likely be sufficient and that its legal costs might approach $6 billion.
...




___
=> irgendwie dieser Klassiker schon wieder: stupid german money in den USA, nun halt auch bei der Allianz

Vorher war dafür ja oftmals die Deutsche Bank zuständig :D
Allianz | 210,23 €
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20.09.21 18:33:37
Beitrag Nr. 32 ()
Allianz | 183,98 €
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Allianz SE: Oliver Bäte - der neue Joe Ackermann/Deutsche Bank ?