Asset manager H2O will pay €250m to investors trapped in a string of illiquid funds following an investigation by the Financial Conduct Authority that found employees at the firm had failed to disclose jaunts on superyachts and private jets.
The watchdog said that the Paris-based fund group, which was previously a subsidiary of Natixis, had “failed to carry out proper due diligence” on its hard-to-trade investments in the Tennor Group between April 2015 and November 2019.
