Asset manager GAM sought to draw a line under the long-running dispute with one of its former portfolio managers on Tuesday, though the ex-employee said he has only called a truce because it would be too expensive to continue.

GAM said it has agreed with Tim Haywood that “neither party will pursue the other based on current facts”. GAM fired Haywood in February for gross misconduct citing a “serious failure to achieve the standard of skill and care which were to be expected of someone in his position”.