ZURICH (Reuters) – A tip from an internal whistleblower led GAM Holding to suspend a director in charge of absolute return bond funds, the Swiss group said on Tuesday, a move than triggered an investor exodus and a sharp fall in the company’s shares.
GAM, which said no other staff were under investigation, said director Tim Hayward’s potential conduct issues related to failure to conduct sufficient due diligence and failure to make accessible some internal records.
“Additionally, the investigation concluded that Mr Haywood may have breached the company’s signatory policy and may have used his personal email for work purposes. He also breached the company’s gifts and entertainment policy,” it said in a statement.
Reporting by Michael Shields; Editing by John Miller
Source : Reuters
