GAM chiefs have written to clients to provide further clarification on issues surrounding the suspension of manager Tim Haywood following an internal investigation, including reconfirming there has not been any material client detriment to date.
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. The group's CEO Alexander S. Friedman and group head...
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