The departing compliance chief was named to the role as recently as June.

Switzerland-listed GAM Holding, which is liquidating part of its fund range after a senior manager was suspended, said late last week that its group compliance boss is stepping down from the role she only held since June this year for “personal reasons”. Natalie Baylis will leave GAM at the end of October.

David Kemp, who was previously general counsel for asset and wealth management at Schroders, join GAM on 1 October as the interim group compliance chief, reporting to group CEO, Alexander Friedman. Kemp will work with Rachel Wheeler, previously general counsel at Aviva Investors, who took up her position as group general counsel at the start of September.

The investment firm recently announced it will liquidate the Absolute Return Bond range, with assets returned to investors during this month. GAM launched an investigation into the conduct of Tim Haywood after concerns about his activity were flagged by an internal whistleblower. GAM has seen heavy outflows from the funds since the suspension announcement a few weeks ago, and the firm temporarily halted redemptions.

Among other personnel moves, GAM said its group management board now includes the role of group head of investments. Matthew Beesley, who joined GAM in March 2017, will take up this position on the GMB, following the customary regulatory approval process. 

At the time of Haywood’s suspension in early August, GAM said it acted because “some of his risk management procedures and his record keeping in certain instances” fell short of requirements. GAM had not found that its clients had been hit by the actions, but it was continuing to probe the matter. "The investigation has not raised concerns about his [Haywood's] honesty," it said.