One of the largest shareholders in GAM has written to the board of the crisis-stricken investment company demanding that star fund manager Tim Haywood pays compensation for the reputational damage his dismissal caused the firm.

Czech Republic-based Krupa Global Investments, which built a 1% stake in GAM during the first half of this year, has sent a two-page letter to the Zurich-based asset manager outlining six questions it wants the board to answer.