Sacked Gam fund manager Tim Haywood blocked from annual meeting
Tim Haywood, the star fund manager fired from Gam Investments over allegations of misconduct earlier this year, was barred from entering the company’s annual meeting this morning.
The Swiss asset management firm also failed to secure the backing of at least 50 per cent of shareholders at the meeting to discharge the board from legal liability following the scandal, which saw the company’s share price plunge after Haywood’s suspension.
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Haywood, who had travelled from London to Zurich for the meeting, had not registered his shares ahead of a deadline and was therefore unable to attend, Gam said.
The former fund manager told Reuters that he had bought shares in March or April and planned to attend the meeting to vote against the acceptance of the firm’s annual report, which he said contained erroneous accusations against him.
Last year Gam accused Haywood, who looked after absolute return bond funds (ARBF), of failing to do or record correct due diligence on investments.
Haywood has said he rejects the charges of misconduct and claims the accusations are hurting Gam’s efforts to repair its reputation.
He told Reuters: “The Gam narrative is not going to change until they treat me fairly”.
Read more: Scandal-hit Gam funds to be liquidated this summer
Gam chairman Hugh Scott-Barrett acknowledged that shareholders blocked the board of director’s discharge “in the context of the continued liquidation of the ARBF funds,” which is expected to be completed by mid-July this year.
The move will not have repercussions for the board immediately, but will make it easier for shareholders to take legal action.