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Matthias Knab, Opalesque for New Managers:

The former deputy chief executive officer of asset manager H2O AM LLP (H2O), Jean-Noel Alba, has been fined GBP1,049,500 by the Financial Conduct Authority (FCA) and banned from the financial services industry. An FCA investigation found that Mr Alba lacked integrity because he misled the FCA.

Between April 2015 and November 2019, H2O failed to carry out proper due diligence on investments relating to the Tennor Group of companies owned by Lars Windhorst, or companies he introduced.

The investments were high risk and hard to sell, leaving investor money trapped. In 2024, the FCA agreed that H2O would pay those investors EUR250 million.

During the FCA's investigation into H2O, Mr Alba provided false and misleading statements and documentation to the regulator. Mr Alba was the principal point of contact with the FCA during its investigation.

Mr Alba asked junior colleagues to create minutes, including records and minutes of committees, where no formal meetings had taken place. Mr Alba also provided due diligence materials, such as investment research, to the FCA that had been created years after the investments had been made, when he had claimed they were produced at the time.

Steve Smart, joint executive director of enforcement and market oversight, said: "Senior leaders in financial services need to act with integrity. ......................

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