Investment firm Gam is set to close its Star India Equity Fund on 15 November 2018.
The Swiss firm said that “the fund’s current and projected level of assets under management are no longer sufficient to justify its continued operation”.
The fund, launched in 2015, moved under the control of Gam manager Tim Love after Mumbai-based New Horizon resigned from its contract to manage the fund at the beginning of 2018.
A Gam spokesperson said: “The closure of the fund is in line with our strategy to simplify our product range to concentrate on the most promising and scalable strategies.”
AUM plummets
This news comes days after Investment Adviser reported that Gam’s investment arm has seen its assets under management shrink by a fifth since the suspension of one of its star managers, Tim Haywood, and the liquidation of his multi-billion pound fund range.
The firm’s assets in its investment arm dropped by 21% to CHF66.8bn (£52.1bn, $66.8bn, €58.7bn) from CHF84.4bn in the third quarter driven by net outflows of CHF8.5bn. Total assets for the group were down 10.8% from CHF163.8bn to CHF146.1bn.
