London / Paris, 15/06/2025
H2O AM LLP acknowledges the Conseil d’Etat’s decision regarding the Enforcement Committee of the Autorité des Marchés Financiers’ (AMF) decision dated 30 December 2022.
Firstly, H2O AM LLP deplores that its arguments on the substance of the decision were not accepted, as well as the major legal issues raised in its defence. On the other hand, the company regrets the decision not to review the pecuniary sanction, which would have solely and directly benefited unitholders of the side-pocketed funds, as H2O AM LLP had undertaken to repay in full any sums recovered.
It is important to note that H2O AM Group has:
- voluntarily secured €250 million as part of an offer to all unitholders to exit the side-pocketed funds, which received substantial endorsement with a participation rate of near 80%;
- has made significant improvements in its governance, risk management and corporate culture, which have been highlighted by the UK regulator;
- confirmed its commitment, made in 2020, to no longer invest in unlisted securities. The H2O AM Group now wishes to look to the future and continue to offer investors a unique, diversifying management style that has a proven track record in a variety of market configurations.
About H2O AM
Founded in 2010 and with offices in Paris, Monaco, London, Geneva and Singapore, H2O AM is an independent asset management firm specialising mainly in Global Macro strategies.
Using an investment process developed over more than thirty years and incorporating proprietary quantitative engineering, the team applies a discretionary, top-down and value management approach.
Through relative value strategies on bonds, currencies and equities, H2O AM offers its clients the benefits of diversified alpha with controlled, assumed risk over a defined time horizon.
www.h2o-am.com
Disclaimer
This document has been prepared by H2O AM LLP.
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