How H2O AM quietly liquidated one of its funds

Posted on Feb 17, 2019 2021 at 12:58Updated Feb 17, 2019 2021 at 14:52

The expectations of H2O Asset Mangement (AM) customers are not a long calm one. While the ailing London management company has pledged to reopen by the end of June the illiquid part of its French law funds, frozen at the request of the Autorité des marchés financiers, one of its investment vehicles investment experiences a more radical fate. The subsidiary of Natixis Investment Management, from which the Natixis group is in the process of being separated, discreetly liquidated at the end of January its small alternative fund H2O Fidelio.

This Irish long / short equity product was closed at the end of August, following the freezing of 10 billion euros of assets housed in eight vehicles governed by French law, “To avoid a risk of contagion on this fund, itself exposed to shares of the Tennor group”, explains a source close to the matter. H2O funds, highly prized in recent years by French life insurers and wealth management advisers (CGP), are quite largely invested in unlisted securities of Tennor, a holding company controlled by the sulphurous German businessman Lars Windhorst.

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