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2d ago

SEC Ends Decade-Long Prohibition on Allianz’s U.S. Operations Early

The regulator’s decision restores full U.S. market access for Allianz after it fulfilled all settlement requirements.

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Overview

  • The SEC lifted its ten-year ban on Allianz Global Investors in the U.S. three years early following a 2022 settlement over Structured-Alpha losses.
  • All restrictions on Pimco and Allianz Life Insurance Company of North America were removed, allowing both to resume U.S. asset-management and insurance activities.
  • The initial sanctions addressed more than $7 billion in Structured-Alpha fund losses and findings that AGI misled investors and falsified risk data.
  • As part of the penalty, Allianz transferred about $120 billion in client assets to Voya Financial for a 24 percent stake and guaranteed full capital repayment to affected investors.
  • CEO Oliver Bäte hailed the reprieve as unprecedented in U.S. financial oversight and credited Allianz’s compliance and wind-down measures for the early restoration.