ZURICH (Reuters) - Swiss group GAM Holding said on Tuesday it had suspended investment director Tim Haywood following an internal investigation.
“The issues relate to some of his risk management procedures and his record keeping in certain instances,” GAM said in a statement referring to the suspension of Haywood, who was the business unit head for its unconstrained/absolute return bond strategy.
“The investigation has not raised concerns regarding his honesty. The relevant regulators are being kept informed of the matter,” it said.
“GAM has not established any material client detriment to date as a result of the issues investigated, although this remains under review,” it said.
Reporting by Michael Shields; Editing by Vyas Mohan