Swiss asset manager GAM has concluded the liquidation of its absolute return bond fund (ABRF) range.
Haywood was eventually dismissed. He has said he will contest the decision.
The firm obtained all the proceeds from offloading the remaining ARBF investments and would return the funds to investors.
“The sale will result in an average of 100.5% of net asset value being returned to clients relative to the valuations at the time the liquidation of the respective funds commenced,” GAM noted.
ABRF investors are expected to get a 50-basis point premium on their holdings, according to Bloomberg.
The aim of the liquidation was to maximise value for the firm’s clients.
GAM said that clients already secured 89–95% of the assets in Luxembourg- and Ireland-regulated funds.
Clients are also said to have received 80–84% of the assets in the Cayman master funds and the associated Cayman and Australian feeder funds.
GAM group CEO David Jacob said: “We are fully focused on further stabilising the business for future growth, executing our restructuring programme and delivering value for our clients and shareholders.
“With our distinctive set of investment strategies and a global distribution network, we believe we are well placed to help our clients find attractive returns.”