- Blue Cross sank $3 billion into ill-fated Structured Alpha
- It blames adviser Aon, but Aon blames Blue Cross executives
By: David Voreacos and Neil Weinberg
No one seemed to buy the sales pitch coming out of Allianz Global Investors US more than Jamey Sharpe.
Over the years, Sharpe helped steer billions into several hedge funds inside an affiliate of Allianz SE that claimed they’d thrive in any market. In time, no investor was in deeper than his employer, the Blue Cross and Blue Shield Association.
Now, Sharpe — a retired pension functionary who operated far from the glare of Wall Street — has been thrust into an uncomfortable legal spotlight. He’s one of a cast of characters enmeshed in the drama over who’s to blame in the fallout from the multibillion-dollar Allianz Structured Alpha funds collapse.