Tim Haywood has said he will clear his name and "return to work" as he disputes GAM's claims he was involved in "gross misconduct".
The former manager of GAM's £8.5bn unconstrained/absolute return bond strategy (ARBF) has previously said he was "unfairly singled out" by the Swiss asset manager and added the redundancy process had been "run unfairly".In another update, Haywood said only a few allegations against him remained and he did not believe they should be deemed gross misconduct.
A statement from Haywood said: "After 15 months of investigations most of the allegations have been dropped. The remaining allegations levelled against me do not by any stretch constitute ‘gross misconduct', even if they weren't substantially disputed, which they are."
I am exploring all legal options and look forward to the opportunity to clear my name and return to work."In summer last year, it emerged GAM had suspended Haywood due to an investigation into his conduct.
This led to high levels of redemptions in the ARBF, headed up by Haywood, which eventually forced the firm to freeze the assets following his suspension on 31 July 2018.
Last week, GAM sacked Haywood 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," it said in the firm's annual results. "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.
After 15 months of investigations most of the allegations have been dropped. The remaining allegations levelled against me do not by any stretch constitute ‘gross misconduct', even if they weren't substantially disputed, which they are"
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