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GAM takes India mandate in-house after boutique resigns

GAM takes India mandate in-house after boutique resigns

Swiss group GAM has taken its Indian equity fund in-house after Mumbai-based New Horizon opted to stop running the three-year-old fund, Citywire Selector has learned.

It is understood that the Indian group announced plans to stop running the GAM Star India Equity fund in a shareholder note at the start of the year.

GAM launched the fund in February 2015 with a focus on tapping growing opportunities in listed Indian companies, in an attempt to tap into three-to-five-year investment opportunities.

Indian equity specialist New Horizon had sought to replicate its existing India equity strategy in a Ucits-compliant format under the mandate arrangement with GAM.

However, after Madhab Bhatkuly, CIO of New Horizon, took the firm off the fund, management has reverted to GAM’s Tim Love, who oversees two broad EM equity funds, and portfolio manager Joaquim Nogueira.

GAM has also sought to amend the fund's investment style. This is designed to ensure that 25% of the fund is continuously invested in shares that are listed or dealt in a recognised market consistent with the fund’s investment policy. This is a requirement under the German Investment Tax Act 2018.

The fund currently sits 258 out of 312 in Equity – India section of Citywire’s database, having returned 31.3% in Indian rupee terms over the three years to the end of December 2017. The average fund returned 44.4% over the same period.

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