Swiss fund manager GAM Holding AG has made the whistleblower who triggered an investigation into the conduct of fund manager Tim Haywood redundant, finews.com reported Feb. 28, citing a source familiar with the matter.
Haywood, investment director of GAM's absolute return bond funds, was suspended in July 2018 for "gross misconduct."
The asset manager swung to an IFRS net loss for the 2018 full year of CHF929.1 million from a net profit of CHF123.2 million in 2017, driven by several impairments and shrinking assets. Interim CEO David Jacob had said previously that GAM would cut jobs as part of efforts to reduce costs.
"I can confirm that I was one of a number of senior portfolio managers made redundant in recent months," the whistleblower told the Swiss news website.
The fixed-income GAM veteran is reportedly exiting from the company with several years pay and the promise of a bonus.
The internal whistleblower was Daniel Sheard, a co-manager of the absolute return bond funds range, the Financial Times reported March 1, citing people familiar with the matter.