ZURICH (Reuters) - Swiss asset manager GAM Holding (GAMH.S) has declared a ceasefire in a row with sacked fund manager Tim Haywood, it said on Tuesday.
GAM had bled assets after being forced last year to close several funds while suspending and later sacking top money manager Haywood for breaching its rules. Haywood has vowed to clear his name.
“GAM is focused on the future of the business, and while it stands by its finding of gross misconduct, it has agreed with Tim Haywood that neither party will pursue the other based on current facts,” GAM said in a statement.
Reporting by Michael Shields, Editing by John Miller