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Allianz asset management head Jacqueline Hunt stepping down from board By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: A logo for Allianz SE can be seen on the Allianz SE building, located in Puteaux near Paris’ financial and commercial district. It was placed there, France May 14, 2018. REUTERS/Charles Platiau/File Photo

BERLIN (Reuters) – Allianz (DE:)’s head of asset management Jacqueline Hunt is stepping down from the board, the company said in a statement on Thursday, after a scandal over billions of dollars in hedge fund losses prompted a restructuring of the firm’s management.

This executive joined Allianz in 2016, and was expected to remain until 2022. He has now been named as CEO Oliver Bate’s strategic consultant. Bate released the following statement: “Jackie had expressed her openness to a change sometime ago.”

Andreas Wimmer will take over as Allianz’s chief executive in Germany for its life insurance business.

A slew of investor lawsuits has been filed against Allianz over the Structured Alpha Funds and associated investigations by U.S. Department of Justice and Securities and Exchange Commission.

The insurer had earlier stated in September that it would accelerate succession planning. This was after Hunt lost some U.S. investments funds.

It stated that the leadership changes will take effect on October 1, 2017.

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