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Money Management

Former GAM executive Tim Haywood to appeal dismissal

Tim Haywood

Former GAM executive Tim Haywood is looking to clear his name.

Mr. Haywood had been an investment director at the Swiss money manager before he was dismissed following an internal investigation into issues around risk management procedures and record keeping.

In July, GAM received redemption requests from investors for its absolute-return bond fund strategies and decided to liquidate the relevant strategies, after it suspended Mr. Heywood, the business unit head. Mr. Haywood was later terminated for "gross misconduct," said GAM's earnings update Feb. 21.

Mr. Haywood, in response to GAM's statement Feb. 21, said he intended to appeal the decision about the dismissal, which "has been prejudged since the announcement of (his) suspension," he said.

"I dispute many of the findings, while noting the majority of the allegations have been dropped." Mr. Haywood said in an emailed comment. "Meanwhile, I have been made redundant by a process which I also consider to have been run unfairly. This reinforces my belief that my dismissal from GAM was a foregone conclusion, and that I have been unjustly singled out,"

Mr. Haywood added in a separate emailed comment: "I am exploring all legal options and look forward to the opportunity to clear my name and return to work."

GAM declined to comment on Mr. Haywood's statement and his plans to appeal the decision or seek legal options.

GAM said in its most recent financial update that outflows from the absolute-return bond fund strategies totaling 11 billion Swiss francs ($10.9 billion) contributed to the decrease in GAM's assets under management in 2018.