H2O AM to appeal 'disproportionate' €93m fine by French regulator

Crastes steps down from fund management

H2O Asset Management has opposed the record fine the French financial markets regulator imposed on Tuesday (4 January), while its co-founder has stepped down following his five-year ban.

The Autorité des Marchés Financiers Enforcement Committee said in a statement that it would fine the firm €75m, while co-founder Bruno Crastes and chief investment officer Vincent Chailley will need to pay €15m and €3m respectively.  In response to the ruling, H2O AM said it "vigorously contests" the decision of the regulator, and confirmed its intention to lodge an appeal with the Conseil d'État. "The sanctions appear disproportionate and completely unprecedented," the firm said, adding that there was no intentional error committed by H2O, Crastes or Chailley.  H2O AM hit with rec...