Two managers responsible for a suite of Allianz SE hedge funds that allegedly lost billions in the early days of the global pandemic, were sacked by the company, according to a report by Bloomberg.
Regulatory filings show that both Greg Tournant and Stephen Bond-Nelson were removed from their positions as managers of Allianz Global Investors Structured Alpha hedge funds in December for ‘violation of firm policies designed to ensure compliance with industry regulations and standards relating to the preparation and provision of client communications’, and ‘violation of firm compliance policies’, respectively. A third manager, Trevor Taylor, who was also involved in running the funds, departed the company at the same time.
The failure of funds promoted numerous law suits from investors and regulatory investigations with Allianz revealing last week that its would take a EUR3.7 billion to cover settlements.
