In 2016, Pythagoras Global Fund (Pythagoras), based in the United Kingdom, decided to launch a fund focused on emerging markets, especially those in Brazil, Russia, India, and China (BRIC countries). Pythagoras’s fund manager favoured investing in family-owned businesses, but the investment opportunities in India used ownership structures different than those used in developed markets. The structures in Indian groups altered the cash flow and effective ownership rights in the subsidiary firms, which had ramifications for stakeholders and raised associated governance issues. The fund manager needed to decide which firm to choose by assessing the investment opportunities and evaluating the corporate governance of the companies.
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