FCA sets out detail of Greensill and GAM conflict of interest

Haywood stands by investments

Kathleen Gallagher
clock • 4 min read

The Financial Conduct Authority has issued the final notices for GAM International Management and the former investment director Tim Haywood, detailing the conflict of interests that arose in their investment into Greensill.

In the notices issued today (30 March), the FCA published new details alongside previously known knowledge. These included that Greensill had offered GAM an equity warrant and a "fee ramp" in October 2016, around the time of its investment into the special purpose vehicle Laufer, and issues around the creation of a new class of the supply chain finance fund. Following these details, Haywood said in a statement that he was "very sorry" and he has "taken on board key lessons and will strive to be a better investment manager in the future". However, he added that he believes "the investm...

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