Tim Haywood is going on the offensive against GAM for dismissing him for gross misconduct, the star fund manager tells finews.asia.
Zurich-based investment group GAM said on Thursday it fired Tim Haywood, a bond fund star who was suspended seven months ago following a whistleblower's report. The affair has led GAM to a loss for 2018, caused clients to flee, and potential acquirers to circle.
Haywood told finews.asia that he would fight the decision, which he views as based on a flawed process. «I am being made a scapegoat in this process and intend to appeal this decision, which has been prejudged since the announcement of my suspension», he said on Thursday.
The erstwhile GAM star said he disputes many of the firm's findings in a months-long investigation and subsequent disciplinary process. He said GAM had dropped the majority of allegations against him, which included using his personal email for work.
Bond Fund Heavyweight
«The overall employment process has been unfair in its application, failed to resolve conflicts of interest, left uncorrected errors in my assessment and is discriminatory in nature», Haywood said.
The former GAM heavyweight – who led a team of 18 investment specialists and was responsible for more than one-quarter of GAM’s performance fees – is fighting to salvage his professional reputation. GAM acknowledged that Haywood has a right to appeal, without elaborating.
Earlier on Thursday, the asset manager said it sacked Haywood, with immediate effect. «There was serious failure to achieve the standard of skill and care which were to be expected of someone in his position,» GAM said.
