Update: GAM reveals fresh details of possible policy breaches by suspended Haywood

'No material client detriment to date'

 Tim Haywood of GAM

Tim Haywood of GAM

GAM has provided further details on the conclusions of an internal investigation that led to the suspension of absolute return manager Tim Haywood last week, including that he may have failed to conduct or evidence sufficient due diligence on some investments and may have breached the firm's signatory and entertainment policies.

Haywood, who is the business unit head for GAM's CHF 11bn (£8.5bn) AUM unconstrained/absolute return bond strategy (ARBF), was suspended on 31 July following an internal investigation into issues relating to his risk management procedures and record keeping, although the asset manager stressed there were not concerns regarding his honesty.  GAM then suspended trading in unconstrained and absolute return bond funds (ARBF) with £5.6bn in AUM last week as a result of the high level of redemption requests following Haywood's suspension. In a Q&A for investors on the suspension, the group ...

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