Wealth manager AssetCo has been granted Financial Conduct Authority (FCA) approval for the £4.1m acquisition of Ocean Dial Asset Management.
Initially announced in March, the deal will be completed once the Reserve Bank of India and Securities Exchange Board of India greenlight the deal.
Ocean Dial manages the £145.7m India Capital Growth Fund and is wholly owned by Avendus Capital Asset Management.
See also: What are the drivers behind India’s ‘sizeable runway’ for growth?
The strategy is a top-quartile performer in its sector over one, three and 10 years, according to FE Fundinfo data.
Martin Gilbert (pictured), chair of AssetCo, said the approval is a “significant step” towards clompetion, which will broaden the firm’s investment capabilities.
He said: “India is making significant progress and its economy has the potential to match or even overtake those of the US and China in the longer term. The country is home to some market leading companies and a remarkable pool of talent. We are excited to be one step closer to being able to complete our acquisition of Ocean Dial.”
The asset and wealth management business has carried out several acquisitions over the last few years.
AssetCo acquisitions continue
AssetCo bought SVM Asset Management in June 2022 in a £10.7m deal after completing the acquisitions of River & Mercantile (R&M) and Revera AM in February. The firm bought Saracen Fund Managers in May 2021.
In December last year, AssetCo announced plans to pull together the quartet under the R&M brand.
Under the proposal, SVM, Saracen, and Revera will merge into a common brand and operating structure.
See also: River & Mercantile name prevails as Assetco unites its brands
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