Gam investment director investigation sparked by whistleblower
An investigation into former Gam Investments director Tim Haywood was sparked by concerns raised by a whistleblower.
The Zurich-headquartered asset management firm launched an internal probe into Haywood's conduct in November last year, however the whistleblower went on to contact the Financial Conduct Authority four months later.
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Haywood, who was based in the firm's London office, was suspended in July after an internal investigation uncovered that the investment director broke the company's gifts and entertainment policy.
Investigators also found he may have breached the signatory policy and used his personal email address for work purposes.
Haywood's suspension led to the liquidation of the nine unconstrained/absolute return bond funds that he was responsible for. An internal disciplinary process is ongoing.
Gam Group chief executive Alexander Friedman: “At the heart of every modern financial services firm’s systems and controls should be a culture that encourages people to come forward with concerns about colleagues’ behaviour.
"The only way to maintain that culture is to protect those who are brave enough to do so and to hold accountable those found to be breaking the rules.
"This is central to trusted client relationships and we will never compromise on this point. I’m grateful to every one of our clients that has taken the time to understand our approach to these issues and we continue to work tirelessly in their best interests.”
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