Allianz asset management chief steps down amid management reshuffle and DOJ probe

Global multiline insurance group  Allianz's head of asset management is stepping down from the board amid a wider management shake-up following the launch of a  US Department of Justice (DoJ) investigation into its asset management activity.

Jacqueline Hunt, who joined the company in 2016 and was due to stay until 2022, has decided to step back from her day-to-day responsibilities as member of Allianz's board of management. She has been appointed a strategic consultant to Oliver Bäte, group chief executive.

“Jackie had signalled her openness for a change some time ago,” Bäte said in a statement.

Hunt has been responsible for Allianz’s asset management and US life businesses since she joined the group in July 2016.

She will be replaced by Andreas Wimmer, currently the chief executive officer of Allianz Lebensversicherungs-AG (Allianz Leben).

The insurer is facing several lawsuits in US courts over its Structured Alpha Funds, prompting the US Securities and Exchange Commission to launch a probe into its asset management activity in 2020. Allianz has warned that the legal battle could materially hurt its future earnings.

Michael Diekmann, chairman of the supervisory board of Allianz SE, thanked Hunt for her service over the last five years, with Bäte praising her contribution beyond divisional responsibilities and “outstanding performance of PIMCO during her tenure as well as the success of Allianz Global Investors and of US life business.”

“I look forward to continue to work closely with her over the next year as I greatly value her strategic advice.” Bäte added.

Hunt said: “I was proud to be just the second woman on the Management Board of Allianz SE when I joined in 2016. I leave a more diversified and resilient division with record assets under management, at more than €2.5 trillion, and a track record of outstanding performance. I salute my colleagues who continue to work so hard for their clients.

“When I leave Allianz next year, excited about my next chapter, it will be with considerable pride in what we have achieved. I will always have fond memories of my time at Allianz.”

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