France’s financial watchdog has fined H2O Asset Management and two of its managers close to €100m in total for several breaches relating to investments in illiquid debt linked to controversial German financier Lars Windhorst.
The Autorité des Marchés Financiers said the firm would be fined €75m, while co-founder Bruno Crastes and chief investment officer Vincent Chailley will need to pay €15m and €3m respectively, adding the decision could still be appealed. Crastes has also been hit with a five-year ban from fund management. H2O first came under scrutiny from the market and regulatory bodies in 2019 over its investments in illiquid bonds issued by several companies related to Windhorst, who owns Tennor Holdings. In its ruling, the AMF said these fines would be followed by disciplinary sanctions, citin...
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