Five main GAM shareholders suffer losses of $840m

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's five biggest shareholders collectively own just less than 36% of GAM shares. The f...