ZURICH, Oct 23 (Reuters) - Swiss money manager GAM Holding AG’s group assets under management fell by 17.7 billion Swiss francs ($17.77 billion) in the third quarter following the suspension of a director that has thrown its business into turmoil.
Assets fell to 146.1 billion francs on Sept. 30 from 163.8 billion on June 30, the company said in a statement on Tuesday. GAM has suspended Tim Haywood after questions arose about whether he failed to conduct sufficient due diligence and make accessible some internal records.
“The consequences of the suspension of an ARBF investment director marked a clear setback for GAM,” Chief Executive Alexander Friedman said. “We are taking immediate and near-term measures to support GAM’s profitability. We have a stable and diversified business that we continue to build upon and we remain fully focused on delivering the investment returns expected by our clients.”
$1 = 0.9961 Swiss francs Reporting by John Miller; Editing by Michael Shields