Giant fund management house Gam has written to clients in an attempt to reassure them that a suspended fund manager followed a "legitimate investment strategy" at all times. Tim Haywood, the suspended manager, is the only employee under investigation, Gam said in a letter to clients dated 2 August which has been published on the firm's website. The fund manager's share price rose by 3.7 per cent at the time of writing on the Swiss Stock Exchange, recovering some of the ground lost after the suspension was announced.