GAM suspends £8.5bn fund manager Haywood

Following internal investigation

Swiss asset management giant GAM has suspended investment director Tim Haywood, following an internal investigation into issues relating to his risk management procedures and record keeping.

Haywood, who is the business unit head for GAM's CHF 11bn (£8.5bn) AUM unconstrained/absolute return bond strategy (ARBF), is also under the scrutiny of the relevant regulators, who have been "kept informed of the matter", the firm said. GAM rebrands Star Alternative Fixed Income fund In a statement, GAM stressed that the investigation into Haywood, who is also a named manager of CHF 2.9bn (£2.2bn) in trade finance funds and CHF 653m (£502m) in other fixed income portfolios, "has not raised concerns regarding his honesty". The investigation has also yet to find "any material client...