Five main GAM shareholders suffer losses of $840m

Fallout from Haywood suspension

The five main GAM shareholders have seen losses of nearly CHF835m ($840m) due to the asset manager's share price nosediving on the back of a tumultuous year.

The Zurich-listed group's shares have plummeted 80% since reaching a high of nearly CHF18 early last year, predominantly in the fallout from bond manager Tim Haywood's suspension in July following an internal investigation into issues relating to his risk management procedures and record keeping, the FT reports. Other troubles affecting the firm over the past couple of years include being the target of an activist campaign, suffering a shareholder revolt over executive pay and two profit warnings. GAM shares plunge 10% as Credit Suisse cuts price target in half GAM's five biggest s...