Do you mean Fe(acac)3 ? If that is the case, there are oxygen atoms present, so it could in theory be soluble in water as H-bonds could form. However, the acac ligands have the oxygen at the molecule's centre, co-ordinating to the iron, and all of the organic parts pointing away on the outside. The organic groups are effectively hiding the oxygen atoms co-ordinated from the water. It's a bit like the molecule has been wrapped in bubble wrap, and the water can't 'see' the oxygen inside.
Fe (acac) 3 is prepared in an aqueous solution of acetylacetone and iron ions. Acetylacetone has keto-enol tautomerism. There are two equilibrium forms кeto-enol. When you put Fe(aca)3 in the water in equilibrium will be all the substance of the reaction.
Keto-enol +Fe3+↔ 3H+ + Fe(aca)3
In water Fe(aca)3 can not exist without other reaction substances.