# French watchdog fines H2O Asset Management, executives over Tennor investments
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-01-04
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: France's AMF fines H2O Asset Management over $100m
Meta Description: France's financial watchdog AMF fines H2O Asset Management and managers 100 million euros for investing in illiquid Tennor Holding assets.
URL: https://financedigest.com/french-watchdog-fines-h2o-asset-management-executives-over-tennor-investmentshtml

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(Reuters) – France’s financial markets watchdog AMF said on Tuesday it had fined H2O Asset Management and two of its managers close to 100 million euros ($105 million) in total for several breaches linked to investments in illiquid Tennor Holding assets.

H2O in 2019 became the subject of market and regulatory concern over its investments in illiquid bonds issued by several companies related to German entrepreneur Lars Windhorst, who owns Tennor.

The London-based investment firm was fined 75 million euros, while the two managers need to pay 15 million and 3 million euros respectively, the AMF said, adding the decision could still be appealed.

H2O did not immediately reply to a Reuters request for comment by phone and email.

The AMF in its decision said the financial penalties would be accompanied by disciplinary sanctions, citing several failings related to the acquisition and [management of the Tennor assets](https://www.financedigest.com/britains-post-brexit-asset-management-revamp-eyes-liquidity-tokenisation.html "Britain’s post-Brexit asset management revamp eyes liquidity, tokenisation").

H2O in 2020 was [urged by the watchdog](https://www.financedigest.com/uk-financial-watchdog-urges-political-support-for-crypto-bans.html "UK financial watchdog urges political support for crypto bans") to suspend some of its funds, as they were deemed insecure.

($1 = 0.9481 euros)

(Reporting by Juliette Portala, editing by Tassilo Hummel and Mark Potter)


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