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Tim Haywood: GAM is making me a scapegoat

Tim Haywood: GAM is making me a scapegoat

Tim Haywood is weighing up an appeal over GAM's decision to dismiss him as head of absolute return investing.

In a statement, he said: 'I intend to appeal this decision which has been prejudged since the announcement of my suspension. I dispute many of the findings, while noting the majority of the allegations have been dropped.

'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.'

In an earlier interview with Swiss publication finews.com, Haywood said he believed the company was making him a 'scapegoat' and that the investigation 'failed to resolve conflicts of interest, left uncorrected errors in my assessment and is discriminatory in nature'.

Haywood's departure was confirmed yesterday following an investigation into his conduct launched last summer.

In the Swiss group's 2018 results, GAM said it had identified  a ''serious failure to achieve the standard of skill and care which were to be expected of someone in his position'.

In an emailed statement, Haywood said: ‘I remain gagged whilst the dismissal decision and disciplinary process remain subject to a potential appeal.'

Haywood's former absolute return fund range was suspended following his own suspension last August and then moved into liquidation on 10 August 2018.

The firm continues liquidation of the remaining CHF 1.5 billion ARBF assets. Overall the firm stated that ARBF impact resulted in CHF 11 billion outflows.

In an exclusive interview with Wealth Manager sister title Citywire Selector interim CEO David Jacob said the firm is not looking for a direct replacement of the liquidated strategies and has worked to improve oversight to ensure a similar situation does not occur again.

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