Allianz under investigation in Germany over investment funds

The move heightens the pressure on the insurer, which is already facing a slew of investor lawsuits over its Structured Alpha Funds and related investigations by the US Department of Justice (DOJ) and Securities and Exchange Commission (SEC).

The German insurer is one of the world’s biggest money managers with 2.4 trillion euros ($2.9 trillion) in assets under management through bond giant Pimco and Allianz Global Investors, which managed the funds at the centre of the probes.

The investigation by Germany’s financial regulator, BaFin, is across multiple departments of the institution, several sources said, speaking on condition of anonymity as the investigation is ongoing.

An Allianz spokesperson on Tuesday said that the company was in regular contact with BaFin on all matters.