Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. By the end of March, Allianz announced it was liquidating two Structured Alpha funds. The insurer continues to pick up the pieces. Two years after the spectacular collapse of the insurance giants Structured Alpha hedge funds, a low-profile business registered in Florida, 5,000 miles from the Munich headquarters, the shock waves continue to reverberate. Information is just a click away. At the center of the debacle is Greg Tournant, 55, an equity-options whiz and one-time McKinsey & Co. consultant. Its Alpha U.S. Equity 250 fund posted average annual returns of 10.9% between early 2005 and June 2018, compared with the S&P 500s 8.7% average annualized return over the same period, according to a 2018 marketing document. 6LinkedIn 8 Email Updates. "We have faith that the justice system will reject this meritless and ill-considered attemptby the governmentto criminalize the impact of theunprecedented,COVID-induced market dislocation of March 2020," Tournant's counsel, Seth Levine and Daniel Alonso, said in a joint statement on behalf of their client, who they say also had investment in the fund. While the losses are regrettable, they are not the result of any crime. She can be reached at megan@aspendailynews.com or on Twitter @MeganTackett10. The SECs complaint, filed in the federal district court in Manhattan, alleges that Structured Alphas Lead Portfolio Manager, Gregoire P. Tournant, orchestrated the multi-year scheme to mislead investors who invested approximately $11 billion in Structured Alpha, and paid the defendants over $550 million in fees. The insurer continues to pick up the pieces. As star performers at Allianz Global Investors US, Mr Tournant and Mr Taylor each earned $US51.3 million from 2016 to 2020 and Mr Bond-Nelson made $US12 million, according to the SEC. End of the road: Why More Than will no longer sell car insurance as insurer RSA quits market, HSBC, SocGen and BNP Paribas raided in France as part of cum cum tax probe, Top City firms pledge to hike contributions to employees pensions pots amid concerns over looming savings crunch. Allianz's settlements with the U.S. Department of Justice and U.S. Securities and Exchange Commission are among the largest in corporate history, and dwarf earlier settlements obtained under President Joe Biden's administration. During the first quarter of 2020, five Structured Alpha funds lost between 49% and 97% of their value, performance that investors contend in legal filings was far worse than similar strategies. The industry leader for online information for tax, accounting and finance professionals. Allianz also assured investors that it was backstopping Structured Alphas risk-management processes. Taylor and Bond-Nelson both entered guilty pleas, but the man allegedly at the head of the years-long fraud Tournant, former chief investment officer of Allianz is fighting the charges, according to national reports. Investors have also filed more than two dozen lawsuits against Allianz over the Structured Alpha funds. endobj As alleged, Tournant and his co-conspirators also provided investors with altered documents that were sent to investors to hide the true riskiness of the funds investments, including that they were buying cheaper hedges. Essentially, the Structured Alpha fund was sold as a bill of goods that would expose investors to the benefits of the S&P 500 index while protecting them from any sort of market crash by. 371 (Count One), Securities fraud, 15 U.S.C. Japan's Nissan Motor on Tuesday unveiled a new electric sport-utility vehicle (SUV) at the Shanghai auto show as it pledged its commitment to the Chinese auto market, which it said was likely to continue to pioneer the rise of electric cars. In addition, as alleged, in the summer of 2020, after the onset of the pandemic and in order to cover up the fraudulent scheme, Tournant attempted to obstruct an investigation by the U.S. Securities and Exchange Commission (SEC) into the circumstances that led to the losses in March 2020. read more. But inside Allianz SE, where a handful of hedge fund managers claimed they could do just that, few grasped how wrong that dream could go. Tournant faces charges of conspiracy, securities fraud and obstruction of justice charges. In the complaint, the SEC describes Tournant as a resident of Miami, Florida except he also is a resident of Basalt, per reports in the Washington Post and The (Colorado Springs) Gazette. While Allianz made no secret of this arrangement, angry clients would later claim it was a recipe for bigger risks. For the discerning eye, the latter number is exactly half of the former. April 6 The Arkansas funds board votes to exit the Allianz funds and park the proceeds with BlackRock. MAY 17 The DOJ announces Allianz has agreed to pay about $6 billion and its U.S. asset management unit will plead guilty to fraud. Notably, as markets got more volatile, the funds could get more profitable, Allianz told clients, while warning that all investments entail risks. 137 (PAE), Conspiracy to obstruct justice, 18 U.S.C. United States v. Gregoire Tournant, 22 Cr. The U.S. Investor lawsuits and settlements have piled up. According to a law enforcement official, the only local legal interaction Tournant has experienced was in 2014, when he was issued a warning for failing to obey a traffic control device in Aspen. AGI US has agreed to pay billions of dollars as part of an integrated, global resolution, including more than $1 billion to settle SEC charges and together with its parent, Allianz SE, over $5 billion in restitution to victims. "Greg Tournant has been unfairly targeted despite the fact that he was on extendedmedical leave during thesemarket events, and the funds had thrived under his leadership for the previous 14 years. July 20 Arkansas suit is filed with the U.S. Southern District of New York claiming $774 million in losses. These funds were marketed largely to institutional investors, including pension funds for workers all across America. Disaster struck in 2008 when the collapse of Lehman Brothers rocked global finance, freezing up markets and with them, Innovative Options trades. Instead of laddering with strike distances from -10% to -25% as represented to investors, the portfolio management team, at Tournants direction, generally purchased cheaper put options with significantly lower strike prices, the SEC complaint notes. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Four billion dollars wrong so far, with outside estimates that it could grow much larger. This case once again demonstrates that even the most sophisticated institutional investors, like pension funds, can become victims of wrongdoing. "Greg Tournant has been unfairly targeted [in a] meritless and ill-considered attempt by the government to criminalize the impact of the unprecedented, COVID-induced market dislocation," the lawyers said in a joint statement. May 11 Allianz sets aside another 1.9 billion euros to settle litigation and any fines from U.S. regulators. Covers German finance with a focus on big banks, insurance companies, regulation and financial crime, previous experience at the Wall Street Journal and New York Times in Europe and Asia. The Structured Alpha funds performed relatively well until the COVID-related market volatility in March 2020, when they suffered catastrophic losses, including losses in excess of 90% in certain funds. Instead of being part of the companys planned expansion to waterfront offices, Frenkel ended up helping liquidate the business. Allianz Global Investors US LLC was accused of misleading pension funds for teachers, bus drivers, engineers, religious groups and others by understating the funds' risks, and having "significant gaps" in its oversight. Between 2014 and 2020, Gregoire Tournant, the defendant, was the Chief Investment Officer of a set of private funds at AGI known as the Structured Alpha Funds. For Allianz, Tuesdays development brought an end to legal headaches that have engulfed the German insurer since the funds imploded in March 2020, when financial markets reeled during the early days of the pandemic. Defendants reduced losses under a market crash scenario in one risk report sent to investors from negative 42.1505489755747% to negative 4.1505489755747% -- by simply dropping the single digit 2. I would enthusiastically recommend him for any computer engineering position." Instead, U.S. authorities say, Tournant sold lies to investors that cost customers, and now Allianz, billions of dollars, and resulted in a guilty plea to federal charges of securities fraud by Allianz Global Investors US. In a parallel criminal proceeding, the U.S. Attorneys Office for the Southern District of New York today announced criminal charges for similar conduct against AGI US, Tournant, Taylor, and Bond-Nelson. Those funds ultimately collapsed, leading to billions of dollars of investor losses. The SEC appreciates the assistance of the U.S. Attorneys Office for the Southern District of New York and the U.S. Investors allege they lost billions of dollars as a result of the collapse of Allianz's Structured Alpha hedge funds, which also prompted probes by U.S. regulators. Valuation, Fundamentals, Momentum: The Case for Mid-Cap Value Stocks, Bond Fund Yields: What Investors Need to Know, How to Build Your Ultimate Marketing Plan. The Aspen Daily News has chronicled Tournants real estate dealings with Snowmass Club condominium properties in, Tournant faces charges of conspiracy, securities fraud and obstruction of justice charges. Postal Inspection Service. Marketing material describes the funds as a tested & proven solution and consistently above target. They are marketed as a confident strategy with an insurance spirit.. "Those promises were lies. Today is the day for accountability.". The over-the-counter spreads were so great, they couldnt close positions, said Frenkel, who was chief compliance officer for Innovative Options. The other two portfolio managers - Stephen Bond-Nelson, 51, of Berkeley Heights, New Jersey; and Trevor Taylor, 49, of Miami - agreed to plead guilty to fraud and conspiracy, and cooperate with prosecutors. Get the insurance industry's trusted newsletter, Your email address will not be published. Tournant, with Allianz Global Investors since 2002, founded the so-called Structured Alpha funds in 2005. read more. The U.S. Securities and Exchange Commission filed a parallel civil action today. 1 auto market, Exclusive: Airbus advises airlines of 2024 delays, keeps output goals, Polestar to start production in South Carolina from 2024, says CEO, C.Suisse to move forward Q1 earnings, report before UBS, Norway wealth fund welcomes government request on unlisted equities. See here for a complete list of exchanges and delays. Tournant and Taylor prospered at Allianz during the long bull market that followed the Great Recession. It all came crashing down in the early, panicked days of COVID-19, when wild market swings upended an options strategy that was marketed as aiming to generate alpha regardless of market waves. During the first quarter of 2020, five Structured Alpha funds lost between 49% and 97% of their value, performance that investors contend in legal filings was far worse than similar strategies. The funds writedown will put a costly end to what Allianz once described as a third way for investors to harvest sustainable alpha.. The bigger the investment gains, the bigger the payday. These funds were marketed largely to institutional investors, including pension funds for workers all across America. Instead of being part of the companys planned expansion to waterfront offices, Frenkel ended up helping liquidate the business. Thank you! Investor lawsuits and settlements have piled up. Its every investors dream: Make money when markets go up, and when markets go down, and even when markets go practically nowhere. 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. French-American citizen Gregoire Tournant earned $60m from his role as Chief Investment Officer at Allianz, as he lied to investors and misled them as to the risk of investing in the Structured Alpha funds. In addition, the complaint seeks an officer and director bar against Tournant. 78j(b) & 78ff (Count Two), Investment adviser fraud, 15 U.S.C. Sept. 10 Reuters reports that the DOJ was looking at possible misconduct by fund managers and misrepresentation of risk to investors. 80b-6(4) & 80b-17, 17 C.F.R. Mr Tournants group used equity-based options to market what he said was an all-weather strategy that would protect investors from losses in good times and bad. Allianz was confident enough in Tournants team that it let them charge a performance fee alone of 25% to 30% of net capital appreciation above a benchmark. 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. But prosecutors said it was barely functional. The portfolio managers then used manipulated numbers to justify exorbitant fees to line their own pockets to the tune of $550 million between 2014 and 2020. Four billion dollars wrong so far, with outside estimates that it could grow much larger. Disaster struck in 2008 when the collapse of Lehman Brothers rocked global finance, freezing up markets and with them, Innovative Options trades. Two years after the spectacular collapse of the insurance giants Structured Alpha hedge funds, a low-profile business registered in Florida, 5,000 miles from the Munich headquarters, the shock waves continue to reverberate. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. And when the storm came in March 2020, when the COVID-19 crash hit, these investors got soaked and lost billions. Gregoire Tournant, 55, Trevor Taylor, 50, and Stephen Bond-Nelson, 51, all were charged with . Gregoire Tournant, the former chief investment officer who created and oversaw the now-defunct Structured Alpha funds, was also indicted for fraud, conspiracy and obstruction, while two other . All structured data from the file namespace is available under the Creative Commons CC0 License; all unstructured text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. This material may not be published, broadcast, rewritten, or redistributed. The board alleged that when the pandemic started fueling wild volatility in February, Structured Alpha made a fateful bet against further market declines. At Allianz Global Investors U.S., Tournant and his Structured Alpha team were . Miami resident Trevor Taylor, 49, now faces 30 years in prison after pleading guilty to three counts of fraud and conspiracy to commit fraud, while New Jersey resident Stephen Bond-Nelson faces 35 years after submitting a guilty plea on four counts including conspiracy to obstruct justice. Instead of employing the usual formula for hedge-fund fees the "2 and. In early March of 2020, as he was grappling with the pandemics effect on his funds, Tournant went on medical leave for undisclosed reasons, the person said. 371 (Count Four), United States v. Allianz Global Investors U.S. LLC, Securities Fraud, 15 U.S.C. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Wake up to today's headlines in your inbox. Investing in Structured Alpha, Mr Tournant assured investors, was very, very different than if I had my own hedge fund firm where in some form or fashion I can overrule just about anything. More than 100 institutional investors, representing more than 100,000 individuals, were victims of this scheme. $L%
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f*na"WHn^>EmI`*f@eKh rH}={q3P3B"27Uh*_.~IJ@2H_,@S.)(|s vwA\r[9S8R`'ow\5&Lx`LUC^-rHAeh0x*od{dt" {+PsCBjT0b1F|=]dK2D"`7e >a\!M/69TS.lKk`4.Gz6NEfI:LX.wS06;.>k"j7v1r.>0t`1VJ>?=[yE The answer that emerges from court filings, Allianz marketing materials and people with first-hand knowledge of Structured Alphas investment strategy is a classic story of Wall Street salesmanship and greed, and a tale for these volatile times. Allianz in Februarysetaside $4.1 billion for the disaster, but the final reckoning is still due and could cost plenty more. June 30 The Arkansas funds board votes to sue Allianz. While Mr Tournants funds might have sounded too good to be true, Allianz Global Investors US assured clients that its risk-management system had three lines of defence. Greg Tournant was a hedge-fund manager supposedly under the watchful eye of a "master cop"an Allianz SE unit that policed his every move. xXnF}Gn@@&Z+'>ihS R/.JWC]/6z%8_~qv)2/E~8ye&_?A_M$,'ic-M,a%RZ*xRlK7SDK?)]G9G v-A[;DnEjl9X"+u,a(\wDxZ*(#X=iU Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. See here for a complete list of exchanges and delays. Two other executives with the funds agreed to plead guilty and are cooperating with authorities. March 27 Allianz says it remains committed to the fund franchise and the remaining funds are now well positioned, but Aon issues another report recommending a sell.. It further alleges that, with assistance from Co-Lead Portfolio Manager, Trevor L. Taylor, and Portfolio Manager, Stephen G. Bond-Nelson, Tournant manipulated numerous financial reports and other information provided to investors to conceal the magnitude of Structured Alphas true risk and the funds actual performance. Aug. 4 Allianz discloses that the SEC is investigating. A .gov website belongs to an official government organization in the United States. read more. Your article was successfully shared with the contacts you provided. A dual U.S.-French citizen, he arrived at Allianz Global Investors in the early 2000s by way of Oppenheimer Capital. Every single time we greatly benefited from the higher levels of volatility and were able to generate much higher returns in the following two or three months after the draw-down, Tournant said in a 2016 marketing video. L@IW$',Bt^[J[>}+$"j|\,/cmhyqyRdY'yD,1. R&qr`$."Eb+[#iw}|`9 pT(G!t'm Essentially, the Structured Alpha fund was sold as a bill of goods that would expose investors to the benefits of the S&P 500 index while protecting them from any sort of market crash by selling put options to hedge against a downturn. Allianz Global Investors also failed to keep watch over Tournant, the New York prosecutors said, as they claimed the firm was asleep on the beat while the fund manager and his co-conspirators lined their own pockets by misleading pension funds. 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. Chief Executive Officer Oliver Baete expressed regret in February for Structured Alphas losses and said they will have a significant impact on the compensation of its directors. Dont forget you can visit MyAlerts to manage your alerts at any time. But when the pandemic hit, everything went haywire. Long before the pandemic, their small investment firm on Miamis Brickell Avenue, aka, Wall Street South, collapsed when its trades went bad, according to two former employees there foreshadowing what was to come. Our Standards: The Thomson Reuters Trust Principles. The SEC's complaint, filed in the U.S. District Court in Manhattan, alleges that Structured Alpha's lead portfolio manager, Gregoire P. Tournant, orchestrated the multi-year scheme to mislead investors who invested approximately $11 billion in Structured Alpha. Tournant, with Allianz Global Investors since 2002, founded the so-called Structured Alpha funds in 2005. Allianz Global Investors U.S. LLC Also Charged with Securities Fraud, Agrees to Plead Guilty. Catch up on the week's most-read stories. Neil Weinberg, Alex Wittenberg and Will Louch, Analysis Files are available under licenses specified on their description page. Mr Tournant also encouraged Mr Bond-Nelson, 51, to give false testimony to the agency. Allianz Fires 2 Asset Managers Who Ran Group of Collapsed Investment Funds Those investors roughly 114 AGI clients who bought into the Structured Alpha funds, worth $11 billion at its peak represented the pension funds of teachers, bus drivers, subway conductors and clergy members and other charity workers across the country, according to the SEC complaint. As alleged, Gregoire Tournant and his co-conspirators lied to investors and secretly exposed them to substantial risk in order to line their own pockets and those of their employer, AGI, said U.S. Attorney Williams. "No compliance system is perfect, but the controls at AGI didn't even stand a chance," Williams said. For the second time in under a month, the department has brought charges in connection with a sophisticated Wall Street scheme that cost victims billions of dollars. Allianz spokesman John Wallace said Mr Tournant and his two lieutenants engaged in isolated but serious wrongdoing that led the company to pay billions of dollars in settlements. 276 (LTS), Conspiracy to commit securities fraud, investment adviser fraud, and wire, 18 U.S.C. Two of his top lieutenants, Stephen Bond-Nelson and Trevor Taylor, agreed to plead guilty and are cooperating with prosecutors. The 55-year-old investment manager now faces up to 40 years in prison on five separate counts of fraud and conspiracy to obstruct justice. For the second time in under a month, the Department has brought charges in connection with a sophisticated Wall Street scheme that cost victims billions of dollars. At Allianz Global Investors U.S., Tournant and his Structured Alpha team were incentivized to pursue outsized returns. 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