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Natixis sees money trickling back to H2O after massive outflows in 2019

France-based Natixis said money has been returning to affiliate H2O AM LLP following the significant outflows in 2019 that were prompted by a rating suspension on one of H2O's funds, Bloomberg News reported Jan. 21.

"One has to say the promise of liquidity was kept, despite the massive outflows," Natixis Investment Managers International SA CEO Jean Raby said in an interview. "Since then, there have been flows that has been good," he added.

Fund rating agency Morningstar suspended the ratings in June 2019 over H2O holding "highly illiquid bonds" issued by companies related to German entrepreneur and Tennor Holding BV owner Lars Windhorst.

According to fund filings dated June 2019, approximately €350 million worth of bonds in H2O's Multibonds fund were marked down to between 25% and 50% of their face value from par, the report said.