UK’s Financial Authority imposes £1m on H2O Asset’s former official Jean-Noel Alba
UK’s Financial Authority imposes £1m on H2O Asset’s former official Jean-Noel Alba
Bans him from the financial services industry
The United Kingdom’s Financial Conduct Authority has penalized Jean-Noel Alba, former deputy CEO of H2O Asset Management, for 1 million pounds ($1.34 million).
The action follows an investigation into H2O's investments, wherein Alba provided false statements and documents to the financial regulator.
Britain’s watchdog stated, "Alba asked junior colleagues to create minutes, including records and minutes of committees, where no formal meetings had taken place. He provided due diligence materials, such as investment research, which had been created years after the investments had been made, though he claimed they were produced at the time.”
In 2019, H2O, the French asset ma20, was the subject of market and regulatory concern over its investments in illiquid bonds issued by several companies related to German entrepreneur Lars Windhorst, owner of Tennor, an investment firm.
In August 2024, H2O voluntarily offered to pay 250 million euros to investors trapped in funds since 2020. It announced shutting down its UK-regulated operations, escaping a fine for failing to check risky investments.
