Asset Management: Lunch with economist Eugene Fama

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Financial Times 10h ago

Asset Management: Lunch with economist Eugene Fama - Financial Times

Quick Summary:

The request for evidence of the research and valuation work H2O had carried out posed a major problem: the firm had often performed little or no due diligence before buying the bonds and stocks, the FCA later found, while a valuation committee that was supposed to scrutinise the investments had not met for months.

At the same time, H2O tried to hide from the regulator that its senior managers had for years been wined and dined by Windhorst — the notorious financier behind its illiquid investments — who had lavished the firm’s top brass with trips around the world on his private jet and superyacht.

The UK’s Financial Conduct Authority had just asked the firm to hand over documents relating to a series of controversial investments it had made that were linked to Lars Windhorst, a racy financier with a criminal past.