AllianzGI Sucks Customer Reviews and Feedback
Allianz Global Investors (commonly called AllianzGI or AGI), is a global investment management firm with offices in over 20 locations worldwide. Employing nearly 3,000 it manages over EUR 500 billion in assets on behalf of institutional and retail clients. It is owned by global financial services group, Allianz.
According to "Institutional Investor" and this article published in August 2020, Allianz’s Volatility Fund Problems Get Bigger and losing billions was only the beginning, with the SEC asking questions and lawsuits mounting.
Investment and insurance giant Allianz is facing questions from the U.S. Securities and Exchange Commission and another lawsuit over major losses in its Structured Alpha volatility hedge funds, according to the company and court filings.
The regulator asked Allianz for information related to its Structured Alpha products, which incurred serious-to-fatal losses in March, the firm disclosed in its 2020 interim report. Allianz said it is cooperating fully with the SEC.
Separately, public pension funds for Fairfield, Connecticut, have followed the Arkansas teachers’ fund is suing Allianz Global Investors late this month.
Among the defunct and grievously injured volatility vehicles, the Allianz Global Investors funds stand out because they were owned by a deep-pocketed corporation. Standalone hedge funds that blew up, such as Malachite Capital, left little behind for burned investors to potentially recoup, although whispers of litigation continue to swirl.
Fairfield’s firefighters and retirees lost $11.6 million in Structured Alpha 250 — just a fraction of the nearly three-quarters of a billion dollars that Arkansas’ educators claimed they lost on the funds, per filings.
“Despite the fact that the stated mandate of the Structured Alpha Funds was to always remain hedged against sharp market downturns by being a net buyer of puts, Structured Alpha’s exposure during that time period demonstrated that it was not meaningfully hedged,” the Fairfield lawsuit stated. “Positioning the Alpha US 250, and the rest of the Structured Alpha Funds, in such a way in the middle of the COVID-19 pandemic, was an abandonment of the Structured Alpha Funds’ mandate and represents a complete failure of any risk management on the part of AllianzGI.”
Insurance and investment giant Allianz has disputed these arguments generally in public documents and previously to Institutional Investor, but has not yet addressed them in detail. The company said in its interim 2020 report that it “is currently reviewing the complaints and intends to defend vigorously against the allegations therein, which Allianz believes to be legally and factually flawed.”
AllianzGI liquidated two of its volatility-trading vehicles at the end of March — called Structured Alpha 1000 and 1000 Plus — citing “significant realized losses.” The less aggressive versions lost between 33 and 75 percent of their value, court filings stated.
Frustrations compounded as the firm stonewalled its clients, Fairfield claimed.
“Allianz refused to provide any detail to investors, including Fairfield, as to what investments led to the massive losses, stating ‘they were still unsure what exactly went wrong’ and not telling them how much money they’d get back, or when to expect it. AllianzGI has to date failed to provide any substantive explanation.”
Former Employee - Vice President says"I worked at Allianz Global Investors full-time for more than 5 years Cons: Poor strategic decisions Bad management US business is dead"
Current Employee - Manager says"I have been working at Allianz Global Investors full-time for more than 5 years Cons: never willing to commit to the United States"
Current Employee - Anonymous Employee says"I have been working at Allianz Global Investors full-time for more than 3 years Cons: Bad performers that get a free ride for years; most smart workers leave after two years. Bad performing funds and products; MDs that cant manage funds; no investment in equity research. Leadership lacks direction, strategy, ability and execution; Lack of decision making, too bureaucratic; HR has no business, thinking or strategy skills; old technology makes work take too long; Unqualified people get promoted; constant layoffs; Lower pay then other asset management firms; Favoritism, bullying and discrimination and HR seems to not care"
says"I have been working at Allianz Global Investors Cons: I am unable to recommend working here to any person who is not European or at least white. It is an open secret within the firm that there is a hierarchy: Europeans on top, white Americans second and non-white groups at the bottom. I have experienced put-downs, retaliatory behavior, treatment below seniority, being berated for small lapses (very common!) and denial of recognition despite high quality work. I have also noted other excellent colleagues (who are not white) ill-treated by managers often with the aim of beating them “into line” and showing “who’s boss”. People are frightened of certain senior managers who have used bullying and public bashing to make an example of subordinates who speak out. It is not a secret who these managers are, but people are afraid to risk their position by complaining. I sincerely hope the reader has a better experience at this firm. But if you have options, *absolutely* do consider working elsewhere."
Former Employee - Anonymous Employee says"I worked at Allianz Global Investors full-time for more than 3 years Cons: Don's waster your time here"
Current Employee - Analyst says"I have been working at Allianz Global Investors full-time for more than 3 years Cons: - Very hierarchical - promotions are given based on seniority rather merit or performance. In other words if you want to be promoted someone has to die, get fired, or quit. - A lot of in fighting and politics among the portfolio managers and within teams. Backstabbing and power plays are not uncommon. - Compensation is below average."
Former Employee - Technology Executive says"I worked at Allianz Global Investors full-time for more than 10 years Cons: The portrayed corporate values are for show. HR is useless for legitimate personnel issues."
Current Employee - Manager says"I have been working at Allianz Global Investors full-time for more than 8 years Cons: Since the company started managing everything from the global headquarters the region has lost functionality, reduced the quality of output, and discouraged independent thinking. Regional offices have little control over anything now and employee morale is at an all time low in all the years I've been there. Everyone has given up, and is just punching a clock in and out."
says"I worked at Allianz Global Investors Cons: Internal job postings are for show, they prefer outside candidates. If you're not upper management, your opinion doesn't count. Each department is its own fiefdom & there's no office integration nor unity."
Current Employee - Portfolio Manager says"I have been working at Allianz Global Investors full-time Cons: Uninspiring management with bad culture"
Chargée de clientèle (Former Employee) says"La responsable fait subir du harcèlement. De plus elle sélectionne les clients par leurs origines. Certains agents sont géniaux mais elle est à fuir ! Cons: Experience horrible du a une responsable incompetente"
service externe (Former Employee) says"éviter Allianz Genève et privilégiez un autre canton qui majoritairement désire pérenniser la relation Cons: portefeuille client inférieur à 1 million d'encaissement client"
Claims Specialist (Former Employee) says"They talk about employees lay people off after they make promises not to poor traininf they use profanity and think it’s cute they are sooo unorganized"
Customer Service (Former Employee) says"This company has a lot of promise but it lacks proper management. Anyone who is reasonably intelligent will see they have the wrong people in the positions and are intimidated by your intelligence. They will quickly make some story up to get rid of you. People that don't want to see you succeed and will make every effort to work you to death but not promote you. They would have people who have family members in the department interview you have pass the promotion to that person's family member. If you talk about it that makes you a bad person. It's sad to say but leaving in the manner I did prepared me for something better where I can grow and develop into something great. Management shows extreme favoritism and they treat associate a discarded toilet paper. You are not suppose to speak up for yourself they will to silence you. Hard work is not rewarded with promotions. Allianz the Organization is a great company but the branch in Richmond Virginia is terrible the most un professionally company I have come across. They have know regard for compliance. Don't go there to work it's a waste of your time and energy. They will not appreciate great talent even if it slaps them in the face. Even getting time off is a problem that is why people call out constantly and they put you one write ups. They people that get the time off of course are the friends of those in management. I would advice the mother company to come look into this place before they lost their good name."
24 anni (Former Employee) says"personale e dirigenti poco professionali e non competenti, Cons: cofy break anche troppi"
Senior insurance operations specialist (Former Employee) says"Zero percent humanity"
Collaboratrice (Current Employee) says"Tout dépend de l'agent, le mien n'est pas recommandable ! Cons: Système informatique à ameliorer"
Conseillère clientèle stagiaire (Former Employee) says"Environnement stressant, pas de formation avant l'excecussion du travail demander"
Agenturleiter (Former Employee) says"Leute werden hier regelrecht in den Ruin getrieben. Versprochen wird einem alles und eingehalten wird so gut wie nichts."
National Insurance Recovery Specialist (Former Employee) says"It took in excess of 3 months to finally receive my letter of offer which left me unemployed for a month. I then received a reduced offer of only 6 months despite the advertisement for a 12-month contract online. I arrived to find the software to be outdated and inefficient. Cons: Poor pay, Poor equipment, unrealistic wage advancement expectations"
Vice President (Current Employee) says"Great company to work for. Lots of opportunity for advancement. Great benefits and community involvement. Could use more diversity in the management levels."
Sr. Test Engineer (Current Employee) says"No work life balance, no professionalism, worst work culture, no career growth, they hire you for some technology and give you a project of different technology."
B2C (Former Employee) says"That's my advice to anyone considering working for this company. Keep your perspective tight and know, regardless of what's said to you, that this is a J.O.B., and that's it. Don't be fooled into thinking it's anything else, than you, providing a service, for pay."
chargee d 'assistance santé (Current Employee) says"La formation est intense il y a beaucoup d’informations à retenir et malgré la volonté d’allier théorie et pratique cette formation est bâclée pourtant quand vous arrivez sur le plateau des tuteurs/ tutrices désignés par une hiérarchie incompétente se permettent de vous critiquer, jugez et vous rabaisser . Les tuteurs / tutrices se sont eux qui décideront si votre période d’essai est validée ou pas …Ils se permettent de vous tourner autours comme des vautours quand vous êtes en communication avec les bénéficiaires . Pas de conseils ou d’accompagnement et la validation de votre période d’essai se fait a la tête du client parce que dans ma cession de recrutement certaines ne comprenaient rien mais elles sont restées . De plus ils recrutent tout et n’importe quoi certains a les regarder s’exprimer et se comporter on se demande comment ils ont pu passer l’étape de l’entretien . Je tiens simplement a féliciter une personne compétente qui faisait partie de ma cession de recrutement qui a mis un terme a sa période d’essai sur place ! Certaines personnes ont la capacité d’analyser et de comprendre de suite ou ils ont mis les pieds si je le savais j’aurai fais pareil qu’elle . Ne perdez pas votre temps ."
Financial Professional Associate (Former Employee) says"Unprofessional"
Settore finanziario (Former Employee) says"Non desidero descrivere oltre tale ambiente lavorativo"
Kundenberater (Former Employee) says"Die kleinen agenturisten denken wunder wer sie sind mit ihrer "Selbständigkeit" der kleine angestellte wird mit einem sehr kleinen fixum abgespeist."
Claims Adjusterna (Former Employee) says"they do not treat employees well.no further comment. If a mananger do not like you they will find a way to fire you. I will never work there again. they lay off constantly as well."
Claims Examiner (Former Employee) says"Only work here if you have absolutely no other options...seriously. Cons: They will try and change your job description, or add things to it from other departments that you don't work in."
Customer Claims Handler (Former Employee) says"The expectation of Claim Handlers to manage calls and your own portfolio of claims is stupidly unrealistic. When applying you're told over the phone by the recruitment team that you will be handling your own portfolio of claims but they fail to tell you that in reality you're priority will be answering incoming calls, until you're invited for an interview. Managing both is impossible due to the volume of calls, and management (senior managers and team leaders) are blind to this. The pay is a grave injustice when compared to the amount of work management expect from you. Unless you're desperate for a job, my advice would be to look elsewhere, this job will negatively impact you psychologically aswell as your social life. Cons: Everything"
Funds Society says"Allianz Global Investors abre su museo virtual: Art On Climate @AllianzGI_view #museo #arte @FundsSociety… https://t.co/NTGTIdEdMy"
In The News
citywireselector.com reports"AllianzGI to 'vigorously' defend against US pension plan's losses lawsuit"
Bloomberg reports"Hard Brexit Shaping Up as Main Worry for Allianz GI’s CEO"
Institutional Investor reports"Teachers' Pension Lost $774M in Allianz Volatility Funds: Lawsuit"
Barron's reports"How This Bond Fund Has Beaten the Stock Market Over 25 Years"