Munich the vast majority of allianceShareholders heaved a sigh of relief last Tuesday. That day, the Munich insurer announced that it had settled with US authorities in a dispute over – as it is now known – fraud hedge fund strategies by fund subsidiary AGI in the United States. In the end, the financial damage should be around six billion euros.
“The amount of the fine is sensitive, but manageable,” says Stephen Weil, evaluating the costly settlement in embarrassing disaster. He is the fund manager of Cooperative Consortium Investments, whose company currently holds about 1.8 percent of Allianz’s shares.
With the agreement in the United States, months of uncertainty have ended. So, with record earnings, high dividends, and regular share buyback programs, is now the time to buy Allianz stock?
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