1672949257 origin 1

French watchdog fines H2O Asset Management, Tennor’s investment executives

origin 1

(RockedBuzz via Reuters) – French financial markets watchdog AMF said on Tuesday it had fined H2O Asset Management and two of its managers nearly 100 million euros ($105 million) in total for several violations related to investments in illiquid assets by Tennor holding.

H2O in 2019 became the subject of market and regulatory concern for its investments in illiquid bonds issued by several companies linked to the German entrepreneur Lars Windhorst, who owns Tennor.

The London-based investment firm has been fined €75m, while the two managers have to pay €15m and €3m respectively, the AMF said, adding the decision could still be appealed.

H2O did not immediately respond to a RockedBuzz via Reuters request for comment by phone and email.

The MFA in its decision said that the financial penalties would be accompanied by disciplinary penalties, citing several shortcomings relating to the acquisition and management of Tennor assets.

H2O in 2020 was urged by the watchdog to suspend some of its funds, as they were deemed unsafe.

($1 = 0.9481 euros)

(Reporting by Juliette Portala, editing by Tassilo Hummel and Mark Potter)