Swiss asset manager GAM has sacked suspended bond manager Tim Haywood after its internal investigation found he was involved in "gross misconduct".
Haywood's dismissal was confirmed in the firm's annual results which showed assets under management (AUM) dropped by £21.4bn to £42.9bn for the year to 31 December 2018. Part of the outflows were driven by GAM liquidating the £8.5bn unconstrained/absolute return bond strategy (ARBF), headed up by Haywood, after high levels of redemption requests forced the firm to freeze the assets following his suspension on 31 July 2018. In its results, the firm said the "liquidation of ARBF is progressing well and is expected to be completed in the next few months, subject to market conditions". ...
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