Allianz Global Investors liquidates two hedge funds amid market turmoil

FRANKFURT, March 27 (Reuters) – Allianz Global Investors said on Friday that it had decided to liquidate a pair of hedge funds after suffering losses during the market turmoil of the coronavirus outbreak.

The two funds are part of the money manager’s 27 Structured Alpha funds, the company said. The funds are private and Allianz Global Investors doesn’t disclose their performance or size.

The investor said it decided it was in the best interest of investors to liquidate after “significant realized losses”.

“The recent market sell off has been particularly testing to navigate: an incredibly choppy, abrupt, multiday event, the likes of which there is no precedent,” it said.

The Wall Street Journal first reported the liquidation. (Reporting by Tom Sims;Editing by Elaine Hardcastle)