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French regulators have imposed a record 75mn fine on asset manager H2O and banned its co-founder Bruno Crastes from the industry for five years over investments in illiquid debt linked to controversial financier Lars Windhorst.
The Autorit des Marchs Financiers announced the fine on the same day that H2O Asset Management said it would start paying back investors some of the 1.6bn trapped in its funds for more than two years, in response to a part-repayment by Windhorsts firm, Tennor Holding.
The French asset manager said on Tuesday that Tennor last month made a partial repayment on a bond H2O…
Read the full article at: https://www.ft.com/content/6851b6aa-347c-4431-b895-9946adf6a40b