Fund manager Tim Haywood of Gunthorpe Estates in Rutland is fined by Financial Conduct Authority
A former fund manager has been fined £230,037 and the asset management group he worked for £9.1m following an investigation by the Financial Conduct Authority.
Tim Haywood and GAM International Management Limited were exposed for “conflicts of interest and gifts and entertainment matters”.
Their fines were discounted by 30 per cent after both the firm and Mr Haywood agreed to resolve all issue of fact and liability.
The financial penalties would have been £13m and £319,044 respectively, had they not agreed the resolution.
Mr Haywood, 56, is a current director of Gunthorpe Estates, which offers holiday cottages within the private estate of Gunthorpe Hall in Rutland.
In a personal statement issued on Thursday last week (December 16), Mr Haywood said he was glad to resolve the matter and was "truly sorry for the mistakes that I have made".
He added: "I have learnt a series of very important lessons.
"I respect the findings of the authority, who have undertaken an extremely extensive investigation over many years into all manner of allegations and accusations.
"I now look forward to returning to an active role in the industry and will make my plans public in due course."
He said that GIML and GAM, which were investigated by the Financial Conduct Authority, "have many excellent people, notably tremendous investment expertise, outstanding customer-facing staff and really dedicated support teams".
"I wish them, and the firm for which I worked for many years, all the very best in the future," the statement continued.
"Thank you to my family, friends, former colleagues, industry veterans and institutions who stood by me throughout this ordeal."
Full details of the Financial Conduct Authority case have not yet been published because of the involvement of a third party who could be affected by further disclosure.