U.K. Fines GAM, Fund Manager Who Invested in Greensill Loans – The Wall Street Journal
LONDON—The U.K.’s Financial Conduct Authority fined Swiss asset manager GAM Holding AG and one of its former star bond-fund managers for conflicts of interests, resolving a longstanding case related to the company’s investments in loans generated by the now-defunct Greensill Capital.
GAM will pay £9.1 million, equivalent to about $12 million, to settle the matter. Tim Haywood, the former fund manager, will pay £230,037. GAM and Mr. Haywood agreed to accept the regulator’s conclusions, which found the company had failed to ensure its systems adequately controlled conflicts of interest related to three investments. Mr. Haywood was fined separately for violating his company’s gifts and entertainment policy.
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