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Sacked GAM director says he looks forward to clearing his name

ZURICH (Reuters) - A former GAM Holding AG executive, who was sacked after allegedly breaching the Swiss asset manager’s rules, said on Monday that he looked forward to clearing his name after most of the allegations against him were dropped.

GAM initially suspended the executive, Tim Haywood, last July, a move that triggered an investor exodus and a sharp fall in the company’s share price.

The asset manager said on Thursday that Haywood had been fired as it announced a 929 million Swiss franc ($929 million) loss in 2018.

Haywood said on Friday he planned to appeal the decision.

“After 15 months of investigations most of the allegations have been dropped,” he said in a statement on Monday.

“The remaining allegations leveled against me do not by any stretch constitute ‘gross misconduct’, even if they weren’t substantially disputed, which they are,” he said.

“I am exploring all legal options and look forward to the opportunity to clear my name and return to work.”

Reporting by Michael Shields; writing by Tom Miles; editing by Jonathan Oatis