September 28, 2018 / 5:57 AM / 2 months ago

CORRECTED-Swiss group GAM revamps management after share skid

(Clarifies in paragraph one that Beesely not new investment head, but getting board seat; corrects Haywood’s first name in paragraph 2)

ZURICH, Sept 28 (Reuters) - GAM Holding promoted its investments head to its management board on Friday and said its compliance head was leaving after a tumultuous period triggered when it suspended the executive in charge of absolute return bond funds in July.

The Swiss financial group said this week its decision to suspend director Tim Haywood was prompted by a tip from an internal whistleblower. The announcement triggered a investor exodus and a sharp fall in the company’s share price.

Matthew Beesley, who joined GAM in March 2017, will get a seat on an expanded group management board as head of investments, it said in a statement.

Natalie Baylis, who joined GAM as compliance chief in June 2018, “has decided to step down from her role for personal reasons and will leave GAM at the end of October 2018”, it said.

David Kemp, previously general counsel, asset and wealth management at Schroders, will join GAM in October as interim head of compliance, reporting to CEO Alexander Friedman.

Rachel Wheeler, previously general counsel at Aviva Investors, became group general counsel this month.

Friedman said Wheeler’s appointment had brought “significant industry and corporate governance experience to the firm and already her deep knowledge and expertise is having a great impact”.

GAM has said it suspended Haywood after questions arose about whether he failed to conduct sufficient due diligence and make accessible some internal records.

It said this week that Haywood may have breached the company’s signatory policy, may have used his personal email for work purposes, and breached the company’s gifts and entertainment policy.

Haywood has not responded to requests for comment. (Reporting by Michael Shields; Editing by Simon Cameron-Moore)

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