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Virtus AllianzGI Global Allocation Instl PALLX

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Virtus AllianzGI Global Allocation Is Under Review Because of a Pending Subadvisor Change

Associate Director

Analyst Note

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Virtus Investment Advisers remains the investment advisor on Virtus AllianzGI Global Allocation, but it will require the assignment of a new subadvisor. On May 17, 2022, the SEC announced that Allianz Global Investors U.S. LLC, or AGI US, this strategy's current subadvisor, admitted "to defrauding investors over multiple years, concealing losses and downside risks of a complex strategy, and failing to implement key risk controls" regarding its now-defunct Structured Alpha funds, which were primarily offered to institutional clients though the portfolio management team that also ran U.S. and Luxembourg registered funds. The registered funds were liquidated near the end of 2020.

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