LONDON - Britain's financial watchdog confirmed on Wednesday it had fined Swiss asset manager GAM International Management Limited 9.1 million pounds ($11.96 million) for failures in relation to collapsed supply chain financing firm Greensill Capital.
The Financial Conduct Authority also confirmed it had fined Timothy Haywood https://www.fca.org.uk/publication/final-notices/timothy-haywood-2022.pdf, a former investment director and business unit head at the asset manager, 230,037 pounds.
"GIML failed to manage conflicts of interest arising from three transactions, two of which were linked to Greensill Capital (UK) Ltd where Mr Haywood was the investment manager making investment decisions," the FCA said in a statement.
The penalties were announced in December and on Wednesday the FCA published full details of the case in 'final notices' https://www.fca.org.uk/publication/final-notices/gam-international-management-limited-2022.pdf.
"The FCA expects asset managers and their staff to be scrupulous in identifying and managing conflicts and their risks," said Mark Steward, the FCA's executive director for enforcement and market oversight on Wednesday in a statement.
"This case should send a clear warning to the market."
Haywood said last December he was truly sorry for the mistakes he made. GAM said it fully fully accepted the FCA's findings.
($1 = 0.7612 pounds)