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Investment Recovery

H2O Asset Management en

Funding of claims for H2O investors

Deminor is funding a legal action initiated by more than 6,000 investors who suffered substantial losses following investments made in certain funds managed by H2O AM, an asset manager formerly part of the Natixis group.

In January 2023, France’s Autorité des marchés financiers (The Financial Markets Authority of France) issued record fines of €75 million against H2O AM for “serious” rule breaches related to the illiquid investments, while banning its founder Bruno Crastes from managing funds. In December 2023, the first group of more than 6,000 investors has lodged a group claim before the Commercial Court of Paris.  Deminor is working with a French association (Accueil - Association Collectif Porteurs H2o), in conjunction with French counsel. 

Drapeau FR - business

Investors are currently stuck in side-pockets whose underlying illiquid, non-rated assets are related to companies affiliated to Lars Windhorst, a businessman who has a track-record in not paying his debts. To date, no pay-out by the side-pockets has taken place and it is doubtful whether any payment will ever be made by Lars Windshort/ H2O to those investors.

By way of background, the H2O case has been largely discussed in the international financial press (The ballad of Lars and Bruno (; H2O Asset Management hit with investor lawsuit claiming €700mn losses (


This material is not an invitation or inducement to engage in claims management activities within the meaning of the Financial Services and Markets Act 2000 and the FSMA (Regulated Activities) Order 2001 with potential claimants based in Great Britain.

Contact persons

✉️ Edouard Fremault
✉️ Olivia de Patoul

Further reading

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