View more on these topics

Fired GAM manager looks to clear his name

Business-People-Portfolio-Hire-Appointment-700x450.jpgThe disgraced executive at the Swiss asset manager GAM Tim Haywood, who was fired last week for a “gross misconduct” said he is looking forward clearing his name.

The former investment director and boss of GAM’s unconstrained/absolute return bond strategy was initially suspended in July after an internal investigation, which allegedly found issues with Haywood’s risk management procedures and record keeping.

The company at the time said the investigation did not raise concerns about Haywood’s honesty.

A separate letter to investors on the GAM website said the investigation found Haywood may not have carried out proper due diligence on some investments, had potentially breached the company’s policy around signatures, and used his personal email for work purposes.

The affair led to an exodus of investors – following the scandal, GAM experienced a high level of redemption requests. The asset manager then decided to liquidate nine unconstrained/absolute return bond funds.

In October, GAM reported that unconstrained/absolute return bond strategies outflows contributed £8.4bn to a total of £13.2bn outflows the company saw in the three months to Semptember 2018.

Last Friday, GAM reported a loss of CHF929.1m (£704.02m) for 2018 and fired Haywood for “gross misconduct”.

Haywood said he planned to appeal the decision.

“After 15 months of investigations most of the allegations have been dropped,” Haywood said in a statement on Monday.

“The remaining allegations leveled against me do not by any stretch constitute ‘gross misconduct’, even if they weren’t substantially disputed, which they are,” he said.

“I am exploring all legal options and look forward to the opportunity to clear my name and return to work.”



How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]


British investors’ £4.2bn in zombie funds

British retail investors had £4.2bn in “dormant” funds – with “tiny” assets and inflows, but often high charges in the five years to 2017, according to Morningstar. In a report the research and ratings agency found 194 such “orphaned” or “zombie” UK-domiciled funds – or funds with under €100m (£86.9m) in assets under management and […]


Big firms steal march in top-rated adviser guide

Large firms have seen their representation increase in adviser directory VouchedFor’s annual list of top-rated financial planners. More advisers from the likes of True Potential, Foster Denovo, Origen, and Hargreaves Lansdown – which has around 100 of its own advisers – are represented in the list this year, VouchedFor says. The list features a total […]


Malcolm McLean: Simpler pension tax relief is only fair

Pension tax allowances have created a complicated system that is not working in the interests of consumers Being able to get tax relief on contributions to a pension scheme is probably something that we tend to take for granted and don’t value enough. The relief provides an incentive to join a pension scheme in preference […]

Time to stop the salami slicing on tax relief

Steve Webb  – Director of Policy and External Communications As the Autumn Statement approaches, Steve Webb calls for the Government to stop tinkering with tax relief. Twice a year, in the run-up to the Spring Budget and the Autumn Statement, we face a torrent of speculation as to what changes the Chancellor might make to […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm