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GAM Outlines Haywood's Alleged Breaches From Gifts to Signatures

Neil Callanan, Patrick Winters
GAM Outlines Haywood's Alleged Breaches From Gifts to Signatures

The top bond manager suspended by GAM Holding AG may have breached due diligence requirements and signed contracts alone where two signatures were required, the company said. Tim Haywood may have in certain instances failed “in GAM’s judgement, to conduct or evidence sufficient due diligence on some of the investments that were made, or make accessible internal records of documents relating to these,” the Swiss asset manager said in a Q&A published on its website Monday. Haywood also breached the company’s gifts and entertainment policy by not seeking the required pre-approval and used his own personal email for work, GAM said.