H2O Dumps Illiquid Windhorst Bonds
https://www.ft.com/content/f5f9ff74-9647-11e9-8cfb-30c211dcd229 H2O dumps illiquid Windhorst-bonds as it battles crisis London subsidiary of France’s Natixis left with €500m exposure as it tries to staunch outflows H2O Asset Management has scrambled to offload hundreds of millions of euros of illiquid bonds as the asset manager battles a crisis triggered by an outsized bet on debt linked to a controversial German financier. The Mayfair-based firm, which is a subsidiary of French bank Natixis, has suffered a €1.4bn drop in assets across six of its funds, according to data up to Thursday, after the Financial Times revealed the scale of its holdings of bonds tied to Lars Windhorst, a flamboyant entrepreneur with a history of legal troubles. After dumping €300m of this private, non-rated debt on Friday, the sales accelerated on Monday. The asset manager, which was founded in 2010 and whose assets have ballooned to more than €30bn, announced at the end of the day that its exposure ...