Question to the HM Treasury:

To ask Her Majesty's Government whether they intend to conduct, or commission, an investigation into the management of investment portfolios by H2O Asset Management with particular reference to (1) the valuation of unlisted investments, and (2) the accuracy and completeness of statements by that firm’s management of the "gating" of future redemptions.

There is no requirement for asset management firms to discuss their specific investment strategies with either HM Treasury or the FCA.

The overarching regulatory framework for UK UCITS funds comprises EU and UK legislation and Financial Conduct Authority (FCA) rules.

The FCA is responsible for the supervision of UK funds including UCITS, and have a broad suite of supervisory and investigative powers. For example, the FCA is required to approve the investment objective and policy of UK domiciled funds, as well as statements in the prospectus about the application of investment limits, and firms are required to treat customers fairly.

In circumstances where a UCITS fund is domiciled outside of the UK, the supervision of its compliance with applicable UCITS investment restrictions is a matter for the home state regulator.

If individuals have concerns about their investments, they should speak to their advisor or platform. If individuals have purchased units in a fund directly, they should speak with the relevant firm.