Jain who was previously co-CEO and the CIO of Vontobel Asset Management left his position to found GQG and hired Tim Carver as CEO due to his experience in guiding young investment firms.

[2][3][4][5] During the 2022 stock market decline, GQG had inflows of US$8 billion and three of its four flagship funds beat the benchmark indexes.

The fourth flagship fund focused on emerging markets which had a 21% loss that year due to its investments in Russia being affected by the Russian invasion of Ukraine.

[3] In August that year, GQG started adding more positions of Chinese gaming and food delivery companies to its emerging market fund.

This came at a time where share prices of Adani Group listed companies declined steeply due to the report released by Hindenburg Research in January that year.

[11] In August, GQG made further investments by buying a 8.1% stake in Adani Power for US$1.1 billion via block trades.

As per United States of America v. Gautam Adani et al. they were charged for their alleged involvement in a scheme to pay hundreds of millions of dollars in bribes to Indian government officials and to hide the bribery from U.S. investors.