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Alternative Market Briefing

H20 AM freezes funds over valuation uncertainties

Monday, August 31, 2020

B. G., Opalesque Geneva:

The AMF, the French financial regulator, has asked H2O Asset Management LLP to suspend subscriptions and redemptions of units of the UCITS funds H20 ALLEGRO, H20 MULTIBONDS and H20 MULTISTRATEGIES to protect the interests of unit holders and the public.

The management company has extended this suspension to five other funds.

This suspension period is temporary, says a press release from H2O AM, and should last around four weeks, during which H2O will actively manage the portfolios while creating for the seven UCITS side pockets that will hold private securities. All the funds' other assets will be transferred into new UCITS that will duplicate H2O's global macro strategy and get the approval of the AMF.

Background

According to Bloomberg, the freezing of the funds was done after the AMF raised concerns about uncertainties over the valuation of illiquid assets being sold to an investment vehicle owned by German financier Lars Windhorst.

Windhorst, who had sold the assets to H2O in the first place, secured financing from two high-profile investors to buy them back at discounted prices, Bloomberg News ......................

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