Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2023
AMF enforcement action over Tennor investments
The AMF fined H2O and executives €15 million for breaches relating to investments connected with Tennor, extending the regulatory consequences of the earlier controversy.
2020
Regulatory suspension of French-domiciled funds
The AMF suspended subscriptions and redemptions in three French-domiciled H2O funds while the firm dealt with illiquid holdings and investor-liquidity concerns.
2019
Tennor-linked illiquid asset exposure
Reporting revealed that H2O funds held substantial exposure to illiquid securities connected with Lars Windhorst’s businesses, including Tennor Holding. The holdings generated concerns about liquidity, valuation, concentration, governance, and the compatibility of the assets with the funds’ investment positioning.