Swiss asset manager GAM has sacked bond manager Tim Haywood for gross misconduct following an investigation initiated last July after a tip-off from an internal whistleblower.
The Zurich-based firm announced the dismissal of Haywood, a London-based manager of its absolute return bond funds, on the same day that it unveiled its full-year results for 2018 which showed a net loss of 929 million Swiss francs (€818 million) compared with a net profit of 123.2 million francs in 2017.
The accounts also showed a fall in assets under management to 132.2 billion francs at the end of 2018 compared with 158.7 billion francs a year before.
Chief executive David Jacob said that the second half of 2018 had been “the most demanding period” for the company since its listing ten years ago.
Jacob said that the investigation into Haywood had revealed a “serious failure to achieve the standard of skill and care which were to be expected of someone in his position”.
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