Gemini Investment Management has closed the Indian fund it launched in the UK in 2010 after a lack of investor interest.
The Gemini MOSt India fund, promoted Gemini and managed by Motilal Oswal Asset Management’s Manish Sonthalia, closed last week after running for just over two years. It was a UK mirror of an existing Motilal Oswal strategy.
The fund attracted £10m in assets in the weeks after launch but Gemini says it has became uneconomical to run given its small size and “increasing costs”.
Gemini managing director Stuart Alexander says: “The fund just got to a scale where it became untenable for the benefits of shareholder.
“When it went down below $5m, the expense ratio became too high and we took the decision to close the fund.”