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Report: GAM Holding director's suspension tied to investments in unlisted notes

GAM Holding AG's investment director Tim Haywood's suspension was partially due to insufficient due diligence on investments in unlisted notes tied to companies controlled by British industrialist Sanjeev Gupta, Bloomberg News reported Sept. 7, citing anonymous sources.

Haywood's funds made large investments in securities linked to Gupta's GFG Alliance projects, according to public filings reviewed by the publication.

A spokeswoman for the Swiss asset manager declined to confirm a direct link between GFG and Haywood's suspension, but she did tell Bloomberg that the manager “may have failed to conduct or evidence sufficient due diligence on some of the investments that were made.”

GAM suspended the investment director due to a "cumulative pattern of misconduct," the company said, which included violations of the company's email and gifts and entertainment policies.