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Allianz Fund Manager’s Lawyer Says US Got Privileged Information in Fraud Case

  • Tournant accused of misleading investors before fund collapsed
  • Defense lawyers have called case against Tournant ‘meritless’
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Photographer: Benjamin Girette/Bloomberg
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A former Allianz SE hedge fund manager who was charged with fraud over billions of dollars in investor losses thinks US prosecutors may have used his former lawyer to gain improper access to privileged information -- something that can sink a criminal case, if true.

Gregoire Tournant, who was chief investment officer and co-lead portfolio manager of a group of Allianz hedge funds that collapsed during pandemic market gyrations, pleaded not guilty Thursday in New York to five criminal charges, including securities fraud and conspiracy to obstruct justice. He’s accused of misleading investors who were seeking low-risk assets.