A British firm has captured a subadvisory mandate for a new fund being launched by U.S. Global Investors
. According to a recent SEC filing
, Charlemagne Capital
will act as the subadvisor for U.S. Global's planned India Fund
. The subadvisory mandate is the third that the Isle of Man-based asset manager has won from the San Antonia-based fund firm this year.
Last April U.S. Global hired the Isle of Man-based Charlemagne Capital to subadvise its Global Emerging Markets Fund and its Eastern European Fund. All of the mutual funds are part of the Accolade family of funds.
Charlemagne will collect an advisory fee of 62.5 basis points for each of the mandates.
U.S. Global filed a preliminaty prospectus with the SEC for the new India Fundtwo weeks ago and plans to launch the fund by the end of this year. The offering will be just the third open-end mutual fund to focus exclusively on the Indian stock market. Its two rivals are Eaton Vance's Greater India Funds with $715 million in assets and the year-old Matthews India Fund, which has $390 million in assets. Two closed-end funds also invest exclusively in India.
Charlemagne's Kommera Chakradhar Reddy will be the lead manager of the fund.
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