• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Wealth management

GAM sacks star portfolio manager for 'gross misconduct'

GAM sacks star portfolio manager for 'gross misconduct'
  • Pedro Gonçalves
  • @PeterHSG
  • 21 February 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

GAM, the Swiss fund manager, has sacked a star bond manager after an internal investigation found he had engaged in "gross misconduct".  Tim Haywood's suspension seven months ago led the Swiss-based asset manager into a downward spiral.

Haywood's dismissal was confirmed in the firm's annual results which showed assets under management (AuM) dropped by £21.4bn to £42.9bn for the year to 31 December 2018.

Related articles

  • GAM fires suspended Haywood for 'gross misconduct'
  • Tim Haywood vows to 'clear his name' after GAM's misconduct allegations
  • Tim Haywood vows to 'clear his name' after GAM's misconduct allegations
  • GAM issues fourth profit warning in two years

"Following the conclusion of the investigation and the disciplinary proceedings, the suspended investment director has now been dismissed from the company for gross misconduct," GAM said. It did not supply further details. 

“Following the conclusion of the investigation and the disciplinary proceedings, the suspended investment director has now been dismissed from the company for gross misconduct”

The fund manager told  finews.com that he is considering fighting his dismissal: "I remain gagged whilst the dismissal decision and disciplinary process remain subject to a potential appeal," Haywood said.

The firm's decision to suspend Haywood came after GAM found, following whistleblowing claims, that "in certain instances Haywood may have failed, in our judgement, to conduct or evidence sufficient due diligence on some of the investments that were made, or make accessible internal records of documents relating to these".

"Following the conclusion of the investigation and the disciplinary proceedings, the suspended investment director has now been dismissed from the company for gross misconduct," the results said. 

"There was serious failure to achieve the standard of skill and care which were to be expected of someone in his position."

Since Haywood's suspension, GAM's share price has plummeted around 70% with the Swiss firm cutting 10% of its work force and CEO Alexander Friedman departing last November with David Jacob becoming interim CEO.

GAM's investment management business had 56.1bn Swiss francs (£43bn) of assets under management at the end of the year, down from 84.4bn a year earlier, while assets at its private labelling arm rose to 76.1bn francs from 74.3bn francs at the end of 2017.

Together that came to 132.2bn francs. Overall assets had totalled 139.1bn Swiss francs at the end of November.

The company had said in December that it would cut 10% of its staff and ditch its dividend as it warned it would slide to a 2018 net loss, which it confirmed on Thursday was 929m Swiss francs.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Wealth management
  • Swiss
  • Tim Haywood
  • GAM
  • Switzerland

More on Wealth management

Nucleus launches low-cost managed portfolio service

  • Wealth management
  • 21 January 2021
Lombard Int'l Assurance expands wealth planning solutions to Greek tax residents

  • Wealth management
  • 21 January 2021
Quilter offers free talks to help advisers beat 'Blue Monday'

  • Wealth management
  • 18 January 2021
Fidelity Int'l launches advice service

  • Wealth management
  • 13 January 2021
Jupiter signs distribution agreement with FinecoBank in UK and Italy

  • Wealth management
  • 11 January 2021
Back to Top

Most read

Duff & Phelps opens Gibraltar office
Duff & Phelps opens Gibraltar office
Brexit deals hefty blow to City but industry is ready to fight back
Brexit deals hefty blow to City but industry is ready to fight back
Comment: Are cryptocurrencies the new gold?
Comment: Are cryptocurrencies the new gold?
FSCS warns industry of £1bn compensation bill
FSCS warns industry of £1bn compensation bill
Dubai regulator to develop cryptocurrency framework
Dubai regulator to develop cryptocurrency framework
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading