GQG Partners’ risky bet on Indian conglomerate Adani caused investors to yank an estimated $US1 billion ($1.5 billion) from the asset giant last month, threatening to drag the short-term performance of its funds into negative territory, according to UBS.
Shares in the money manager plummeted 14 per cent to $2.02 on Monday after the broker downgraded the company to “neutral” and slashed its price target on the stock by 30 per cent to $2.30.
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
