Asset manager H2O AM LLP will pay €250 million to investors unable to access their funds since 2020, following an investigation by the UK Financial Conduct Authority (FCA).
Between April 2015 and November 2019, H2O failed to carry out proper due diligence on investments relating to the Tennor Group of companies owned by Lars Windhorst, or other companies he introduced.
The investments were high risk and hard to sell.
The FCA also found that H2O did not have adequate policies or procedures or exercise due skill and care in managing potential conflicts of interest. The FCA identified over 50 instances where hospitality had been received by H2O employees but was not properly declared, including the use of a superyacht and private jet.
H2O also provided false and misleading…
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