H2O AM Governance Evolution

All, Corporate
April 2025

London / Paris, 18/04/2025

H2O AM is nearing the completion of its side pockets (SPs) resolution, following its comprehensive Offer to exit the SP funds. In alignment with this progress and to synchronise with its focus on growth dynamic, the company announces an evolution in its governance structure within the Global Executive Committee, with the introduction of the roles of Chair and Vice-Chair in lieu of the CEO role.

All five current members of the Global Executive Committee share collective responsibility for overseeing H2O AM’s business areas, with the Chair and Vice-Chair roles acting as representatives of the executive authority of the Global Executive Committee. Jean-Christophe Morandeau, Head of Legal, Compliance, and Finance, is appointed as Chair of the Global Executive Committee while Juliette Pianko, Head of Risk and Operations, is appointed as Vice-Chair. Babak Abrar and Vincent Chailley will retain responsibility for their respective areas, with Babak overseeing Sales & Marketing and Vincent leading the Investment team. Loic Guilloux takes on the role of Group General Secretary and will continue handling strategic matters and serving as Président of H2O AM Europe.

The introduction of a Chair and Vice-Chair to the Global Executive Committee is a progressive step for H2O AM’s corporate governance. It will enable the company to more effectively channel a diverse range of insights into its decision-making processes and advancing its strategic initiatives.

This restructured governance aligns with H2O AM’s steadfast dedication to continuous improvement and strategic vision for long-term growth.

About H2O AM

Founded in 2010 and with offices in Paris, Monaco, London, Geneva and Singapore, H2O AM is an independent asset management company, mainly specialising in Global Macro strategies.

Based on an investment process developed over more than thirty years and employing proprietary quantitative engineering, the team implements a discretionary investment process based on a Top-Down and Value approach.

Through relative value strategies in bonds, currencies and equities, H2O AM offers its clients the benefits of diversified alpha with assumed and controlled risk over a defined time horizon.

Disclaimer

This document has been prepared by H2O AM LLP and H2O AM Europe.

H2O AM LLP is authorised and regulated by the Financial Conduct Authority (FCA) and is registered with the UK Financial Services Authority under reference number 529105, http://www.fca.org.uk/.

Company name and registered office: H2O AM LLP, 6th Floor, 33 Cavendish Square, London W1G 0PW, United Kingdom. Company number: OC356207

H2O AM Europe is authorised and regulated by the Autorité des Marchés Financiers under AMF authorisation number GP-19000011. The AMF register can be accessed at https://www.amf-france.org.

Company name and registered office: H2O AM Europe, 39 avenue Pierre 1er de Serbie, 75008 Paris, Company number RCS Paris n° 843 082 538.

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Credits : Agence SAND

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H2O Asset Management L.L.P.

H2O Asset Management L.L.P. is registered in England and Wales with a share capital of 10,000,000 £, with registered name H2O AM LLP, registration number OC 356207 and Legal Entity Identifier(LEI) 549300V7YSH2IZ841X25 . Its registered address is at 33 Cavendish Square, London W1G 0PW. H2O Asset Management L.L.P.’s registered VAT Number is 103684235

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H2O AM Europe SAS

H2O AM Europe SAS is registered in France with a share capital of 13,500,000 euros, SIREN n°843082538 Paris and legal entity identifier(LEI) N° 9695000GQ2JLFQA4JX30. Its registered office address is at 39, avenue Pierre 1er de Serbie 75008 Paris, France. H2O AM Europe SAS’s registered VAT Number is FR77843082538.

H2O AM Europe SAS is an asset management company, authorised and regulated by the Autorité des marchés financiers (“AMF”). The AMF agreement number is GP-19000011. The AMF Register can be accessed at https://www.amf-france.org.

H20 Monaco

H2O Monaco is registered in Monaco with a share capital of 450,000 euros, Registration number 17S07498 and Legal entity identifier (LEI) N° 549300P23I30JJWXGS37 .

Its registered address is at 24, BD PRINCESSE CHARLOTTE ET 1, IMPASSE DE LA FONTAINE 10 ETG N° B10 – 98000 MONACO – MC PRINCIPAUTE DE MONACO

H2O Monaco is authorized by the Commission de Contrôle des Activités Financières (CCAF) to carry out the following activities as mentioned in points 4.1 and 6 of article 1 of law n°1.338 of September 7, 2007:

Advice and assistance in the management, on behalf of third parties, of portfolios of securities or financial futures instruments,
Manage foreign collective investment schemes

The CCAF agreement number is SAF 2017-04.

H2O AM ASIA PTE.LTD.

H2O AM ASIA PTE.LTD. is registered in Singapore with a share capital of 500,000 Singapore $, Registration number 201827907K and Legal entity identifier (LEI) number : 5493004DGLQ0FP9NFO63.

Its registered address is at 12 Marina Boulevard #17-01 – Marina Bay Financial Centre Tower 3 – Singapore 018982

H2O AM SWITZERLAND SA

H2O AM SWITZERLAND SA is registered in Switzerland with a share capital of 200,000 CHF, Registration number CHE-167.132.256.

Its registered address is rue Cornavin 11, c/o DYN Genève SA (CHE 372.076.788) – 1201 Genève.

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Our priority is client satisfaction. For that reason, we pay close attention to client’s complaints relating to H2O AM’s products and/or services. We commit to examine your request and answer your complaint on time. H2O AM’s complaint-handling system deals with any client complaints accurately, in a uniform way and in accordance with the applicable regulation. Access to the complaints service is free-of-charge, and clients can lodge their complaint, in French or English.

Definition of complaints

A complaint is considered as an expression of dissatisfaction (oral or written) about the provision of, or failing to provide, a financial service. It alleges how you have suffered (or may suffer):

financial loss;
material distress; or
material inconvenience

A request for information, opinion, clarification, service or provision of a service does not constitute a complaint.

Handling complaints

Complaints may be sent by post, telephone and/or e-mail, or may be provided via the client’s usual point of contact.

By Telephone: The Client’s usual point of contact
By Post:
- H2O Asset Management L.L.P.: 9th Floor, 33 Cavendish Square, W1G 0PW, London, United Kingdom
- H2O AM Europe SAS : 5^th Floor, 39 avenue Pierre 1er de Serbie 750008 Paris, France
- H20 Monaco : 24, BD PRINCESSE CHARLOTTE ET 1, IMPASSE DE LA FONTAINE 10 ETG N° B10 – 98000 MONACO – MC PRINCIPAUTE DE MONACO
- H2O AM ASIA PTE. : 12 Marina Boulevard #17-01 – Marina Bay Financial Centre Tower 3 – Singapore 018982
- H2O AM SWITZERLAND SA : rue Cornavin 11, c/o DYN Genève SA (CHE 372.076.788) – 1201 Genève
By Email: The Client’s usual point of contact AND/OR complaints@h2o-am.com

Processing deadlines

H2o AM Group entities are required to acknowledge receipt of all complaints within the timeline of 5 business days. H2O AM Europe has the same objective but this timeline can be expanded to 10 days from the date on which the written complaint is sent.
Respond to any complaints within a maximum period of eight weeks following their receipt or 2 months for H2O AM Europe from the date on which the written complaint is sent. H2O AM will collate all the information, documentation and comments relevant to your complaint.
If our investigation is going to take longer than eight weeks or two months for H2O AM Europe, we will write to you again to explain why and let you know when we expect to be able to conclude matters. When we have completed our investigation we will let you know the outcome in writing.

Ombudsman
As a last resort and if you are not happy with our final response you may refer your request, free of charge, to the Ombudsman according to jurisdiction where complaints shall be addressed. The Ombudsman must be referred to within a year of the complaint submitted to H2O AM and only after all the internal remedies mentioned above have been used.

United Kingdom:

The Financial Ombudsman Service can be contacted in a number of ways:

By post: Financial Ombudsman Service Exchange Tower, Harbour Exchange Square London, E14 9SR
By telephone: +44 (0) 800 023 4567
By email: complaint.info@financial- ombudsman.org.uk
By website: financial-ombudsman.org.uk

France:

The AMF Ombudsman Service can be contacted in a number of ways:

By post: Ombudsman – Autorité des Marchés Financiers, 17 place de la Bourse – 75082 Paris cedex 02.
By Fax: +33 (0)1 5345 5960
By website : https://www.amf-france.org/en_US/Le-mediateur-de-l-AMF/Le-mediateur-mode-d-emploi/Modes-de-saisine

Monaco :

The Ombudsman Service can be contacted

by website : https://en.service-public-particuliers.gouv.mc/You-and-The-Administration/Ombudsman-service/Mediation

Singapore:

The Financial Industry Disputes Resolution Centre Ltd (FIDReC) is an independent and impartial institution that resolves consumer financial disputes through mediation and adjudication. It can be contacted in a number of ways:

By Post : 36, #15-01 Robinson Rd, City House, Singapore 068877
By phone : +65 6327 8878
By website : https://www.fidrec.com.sg/website/index.html

Switzerland:

Association Finanzombudsstelle Schweiz (FINOS) is a neutral institution to develop consensual solutions for all parties within the framework of mediation and thus avoid costly legal disputes. Their ombudsman service deals with questions and complaints from clients of our affiliated financial services providers.

By post : Talstrasse 20 CH-8001 Zürich

By website : Info@finos.ch

Data Protection

According to Data Protection Act (DPA) and General Data Protection Regulation (GDPR), H2O AM is required to retain Personal Data for as long as is necessary for the purpose for which it has been collected. Where Personal Data is no longer required this will be disposed of securely in accordance with H2O AM’s Data protection and Privacy Policy.

Record Keeping

When complaint has been settled, the complaint record and associated correspondence will be retained the records for at least five years from the date the complaint was received. The date on which the complaint was resolved will be recorded. All complaints records, even in relation to minor complaints and those complaints resolved within one business day will be maintained for 5 years in relation to MiFID business.

Reporting to the FCA

Twice a year H2O AM will provide the FCA with a complete report concerning complaints received from eligible complainants including those settled within 3 business days.

Nature of commitment to the UK Stewardship Code

Under the Financial Conduct Authority’s (FCA) Conduct of Business Sourcebook Rule 2.2.3, H2O Asset Management LLP (H2O) is required to make a public disclosure on its website in relation to its commitment to the Financial Reporting Council’s (FRC) Stewardship Code (hereafter, the Code).

In October 2019, a substantially revised and strengthened UK Stewardship Code was published and took effect on 1 January 2020. The revised version comprises a set of twelve Principles, implemented on an ‘apply and explain’ basis. These Principles apply to asset managers and asset owners, with a separate set of six Principles applying to service providers. The revised Code defines stewardship as “the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.”

Whilst H2O strongly endorses this definition of stewardship and the purpose of the Code, we are currently not a signatory due to the nature of our investment approach, which is essentially top-down and global macro.

H2O’s investment strategy is driven by views on the government bond, credit and currency markets, with the majority of positions taken through derivative contracts such as futures, and with limited allocation to individual equity securities and corporate bonds. We are currently exploring possible approaches to exercising stewardship activities across our investment universe, notably by incorporating ESG criteria into our investment decisions (Principle 7). We will therefore review our approach to the Code in the future and update this disclosure accordingly.

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