There are many reasons why whistleblowers choose to set right wrongdoings in their workplace…and rightly so.
Daniel Sheard, a co-manager on the £8.5 billion absolute return bond fund (ARBF) range, lost his job after shopping his colleague on some alleged ‘wrongdoings’.
But he wasn’t identified by name – he was referred to simply as a ‘Gam veteran’.
Sheard had fallen out with his co-manager, Tim Haywood, in what was understood to be a series of jealous interactions.
He wasn’t getting the attention and praise he desired from his team and so decided to do something about it.
He complained about Haywood to the Financial Conduct Authority for failing to declare gifts he had received from Lex Greensill, the man who had introduced GAM to Sanjeev Gupta’s GFG companies – and told national journalists about the investigations.
Haywood was suspended for conduct issues, which concerned his due diligence and record keeping., including failing to declare flights he gifted. Since the 2010 Bribery Act, companies in the City of London have been on alert about how hospitality is perceived.
It was also alleged he may have used his personal email for work purposes.
Gam was then forced to axe some of its staff due to the reputational damage caused and the subsequent liquidation of one of its most popular fund ranges.
At the time Gam said it would protect Sheard for whistleblowing with the CEO Alexander Friedman declaring that modern financial services firms should ‘encourage employees to come forward.’
Interestingly, he stepped down as Gam’s chief executive a month later.
Sheard lost his job as part of a sweeping restructuring at the Zurich-based group.
Haywood was ultimately sacked for gross conduct.