U.S. Markets closed

H2O Cuts Bond Exposure

H2O Cuts Bond Exposure

Under-fire Mayfair asset manager H2O said on Monday it had cut its exposure to "non-rated private bonds" to below 2% of assets under management. Following "press reports which dried up market liquidity and widened bid-ask spreads", H2O's funds will now be priced at a discount between 3% and 7%. H2O owner confirmed last Friday that CEO Bruno Crastes has left a role that prompted Morningstar analysts to place €2.3 billion global macro fund H2O Allegro “Under Review”.