Minority investors in the Australian-listed Ellerston GEMS hedge fund have called for the company's liquidation, against the wishes of the board and the son of the deceased Australian media magnate Kerry Packer, whose family's investment management firm set up the fund.

Fund manager Ellerston Capital Management, which manages the A$464m (£219m) Ellerston GEMS hedge fund, has confirmed that 5% of the fund's unit holders have proposed to wind the company up.