GAM, the troubled Swiss asset manager, will pay 500,000 Swiss francs (£395,000) and recognise a CHF35m liability in its next financial report, after a regulatory tribunal ruled it had made a misstatement in its accounts.

The decision, from Six Exchange Regulation’s Sanctions Commission, upholds an initial finding from the Swiss stock exchange watchdog in December, and adds to a litany of misfortunes for GAM since it suspended former star portfolio manager Tim Haywood in the summer of 2018. Since then, beset by outflows and having switched chef executives, GAM’s share price is down 30% and a number of activist investors are circling.