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Tim Haywood: GAM is making me a scapegoat

Dismissed head of absolute return is looking at next course of action.

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.

According to Swiss publication finews.com, Haywood is now preparing an appeal. '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 told the title. 

'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'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 found ''There was serious failure to achieve the standard of skill and care which were to be expected of someone in his position'.

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

GAM put Haywood's dismissal prominently in its annual results but did not once refer to him by name. Instead, it used the term 'the suspended investment director'.

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 tile Citywire Selector interim CEO David Jacob 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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