H2O must pay £250m to aggrieved investors, amid missing and faked record-keeping

London-based asset manager H2O has agreed to withdraw from the UK market after the FCA found a litany of failings in its activities, including fabricated minutes and use of superyacht and private jet hospitality that was not fully disclosed.

By Neasa MacErlean

A Risk and Compliance Committee in the company met "infrequently" when these activities took place at its offices near Oxford Circus, and the committee gave "limited consideration or scrutiny" to a series of investments that saw the company's funds suspended.