Tim Haywood, the bond manager fired by GAM on the grounds of gross misconduct, says he has been “unjustly singled out” and plans to appeal.

“I intend to appeal this decision which has been prejudged since the announcement of my suspension,” he said in a written statement.

“I dispute many of the findings, while noting the majority of the allegations have been dropped. Meanwhile, I have been made redundant by a process which I also consider to have been run unfairly. This reinforces my belief that my dismissal from GAM was a foregone conclusion, and that I have been unjustly singled out.”

The Zurich-based fund manager, which has seen its share price fall by more than two-thirds in under a year, revealed its ruling this week as part of its latest results announcement.

Last August GAM started liquidating the $7.3bn range of credit funds Haywood managed prior to his suspension following a probe into his risk management and record-keeping.

The liquidation process is expected to be concluded in the next few months, according to the statement. It has so far returned 89-92% of the Luxembourg and Ireland-domiciled Ucits funds and 66-72% of the assets in the Cayman master fund and the associated feeder funds.

The investigation found that Haywood may have failed to conduct sufficient due diligence on some investments made or neglected to make internal records of documents relating to his allocations.

Additionally, Haywood may have failed to get two signatures on contracts where required, breached company gifts and entertainments policy and used his personal email for work purposes. “There was serious failure to achieve the standard of skill and care which were to be expected of someone in his position,” the asset manager said.

Fired bond manager Tim Haywood to appeal on EuroHedge.