LONDON (Reuters) - Natixis’ UK-based asset management division H20 will continue to have a representative on the board of privately-owned German firm Tennor, despite concerns about a potential conflict of interest in some of its holdings.
H20 Chief Executive Bruno Crastes is stepping down from the Tennor board and will be replaced by chief investment officer Vincent Chailley to “ensure continued H2O representation”, a spokesman for Tennor said in an email.
“H2O is committed to continuing to work with Tennor in the future,” a spokesman for H20 said in an email which confirmed the changes in board representation.
Fund ratings firm Morningstar put one of H20’s funds under review on Thursday, citing concerns about its investments in illiquid bonds issued by several companies related to German entrepreneur Lars Windhorst, who owns Tennor.
Morningstar also questioned the presence of Crastes on the Tennor board, given H2O’s exposure to Windhorst’s investments.
Reporting by Josephine Mason; Editing by Alexander Smith