H2O AM wishes to reiterate its policy of not participating in media speculation and of defending its interests within the appropriate forums. Nevertheless, the recent series of published articles calls for a necessary clarification.
The recent summons issued by the Collectif Porteurs H2O AM contains a number of arbitrary, unfounded and even fabricated allegations, and extrapolations against H2O AM and its employees. This constitutes an attempt to support unrealistic claims based on irrational arguments (a striking example is the method used to calculate the claimed prejudice, resulting in an exorbitant sum of €4.8 billion* for side pockets (SP) worth €1.6 billion when they were created – see our communication dated 22/12).
Their approach is part of a “commercial” strategy aimed at maximising an outrageous commission of 30% by constructing a false narrative. It is characterised by sensationalist communication alongside the media, which has borne fruit, as demonstrated by the provocative and tendentious title of an article published on Tuesday 16 January, a title which was fortunately quickly rectified by the management of the publication concerned. This desire to shift what should be a legal and judicial debate into the media sphere, by disseminating fragmentary information presented in a misleading manner, can only be questioned.
The sole aim of these unacceptable practices is to try to influence our investors and our ecosystem. They will ultimately discredit their authors. H2O AM urges investors to treat these speculations with discernment: it is indeed regrettable that they are often relayed without critical analysis. By contrast, it is also regrettable that our contributions to the performance of our investors in recent years are systematically omitted.
This has no effect on our determination. We will continue our efforts to close the segregated funds. We will continue to reaffirm our determination to treat all holders equally. We will continue to defend ourselves, with conviction and without artifice. When the time comes, the underlying motives behind these attacks, whether they are due to pride, jealousy or greed, will reveal themselves.
* The Collectif represents roughly 15% of the segregated “SP” funds (with an initial value of €1.6 billion), which is equivalent to about €240 million. Yet, its estimation of alleged damages is €717 million. By extrapolation, damages for the entirety of the SPs would therefore amount to €4.8 billion for all holders, which is three times the initial amount.
Disclaimer
This document has been prepared by H2O Asset Management Europe and H2O AM LLP.
H2O AM Europe is authorised and regulated by the Autorité des Marchés Financiers (AMF) under the registration 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.
H2O AM LLP is authorised and regulated by the Financial Conduct Authority (FCA) and is registered in the UK Financial Services Register under reference number 529105, http://www.fca.org.uk/. Company name and registered office: H2O AM LLP, 9th Floor, 33 Cavendish Square, London W1G 0PW, UK. Company number: OC356207