Allianz Chief Asset Management Officer Jacqueline Hunt steps down from Board of Directors

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The logo of the insurer Allianz SE is visible on the company building in Puteaux in the financial and business district of La Défense near Paris, outside of Paris, France, on May 14, 2018. REUTERS / Charles Platiau / File Photo

BERLIN, Sept. 30 (Reuters) – Jacqueline Hunt, head of asset management for Allianz (ALVG.DE), 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 caused a restructuring of the company’s management.

The executive, who joined the company in 2016 and was due to stay until 2022, was appointed strategic consultant to CEO Oliver Bate. “Jackie had signaled her opening for a change some time ago,” Bate said in the statement.

Hunt will be replaced by Andreas Wimmer, Managing Director of Allianz for life insurance activities in Germany.

The insurer faces a slew of investor lawsuits over its structured alpha funds and related investigations by the US Department of Justice (DOJ), the Securities and Exchange Commission (SEC) and German firm Bafin.

He said earlier in September that he was speeding up succession planning for his board, including for Hunt, after some of his U.S. investment funds closed last year. Read more

The leadership changes will take effect Oct. 1, the statement said.

Reporting by Victoria Waldersee; edited by David Evans

Our Standards: The Thomson Reuters Trust Principles.

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