Assetco has agreed to acquire India-based Ocean Dial Asset Management for £4.13m, bringing another firm under its River and Mercantile umbrella.
Ocean Dial manages the £127m India Capital Growth Fund and is wholly owned by Avendus Capital Asset Management. In an announcement issued on the London Stock Exchange, Assetco chairman Martin Gilbert (pictured) said he was delighted to welcome India Capital Growth Fund as a client.
Gilbert reiterated Assetco’s mission, which he said was to acquire, improve, and grow asset management businesses with potential.
He added: “We are excited about the long-term potential that India offers and see opportunities to add value by bringing Ocean Dial together with the other active equity asset management businesses we are combining under the River and Mercantile brand.”
Gaurav Deepak, co-founder and CEO of Avendus Capital, said: “Avendus is delighted to have concluded an arrangement with Assetco for the sale of our Ocean Dial Asset Management business. This sale will benefit all the stakeholders of Ocean Dial and allow us to participate in Assetco’s on-going success as a shareholder. We look forward to working with Martin and his team to complete the transaction and to a long and fruitful future relationship.”
The Financial Conduct Authority is expected to approve the deal by the end of Q2 2023, while approval from the Reserve Bank of India and Securities Exchange Board of India is expected to run into the third quarter of this year.