The initial focus of the investment house will be India, with local advisers based in Mumbai.
Previously Ocean Dial was 40% owned by Caledonia, with the other 60% owned by two individuals representing the advisery business.
Now the decision has been made to focus on the asset management aspect of the company, so Caledonia has put that to one side and bought the whole firm.
Ocean Dial already runs an India Capital Growth fund, which is a mid-cap, focused, closed-ended investment company listed on AIM.
It also runs a large-cap, domestically-focused fund with a one-year track record that is currently being converted into an Oeic and will be launched to the market in due course.
David Cornell, principal adviser of the advisory service Ocean Dial Advisers Private Ltd, said: “The aim is to offer investors different ways of participating in the success of the Indian economy. The investment process across both funds involves a highly disciplined stock selection approach.”
In the future Ocean Dial aims to offer a range of niche investment products, but at the moment these are still at the concept stage.
One is likely to offer exposure to the Indian debt market.
The backing company, Caledonia, is chaired by Jamie Cayzer-Colvin from the Cayzer family that founded Gartmore.
It is a FTSE 250-listed company with around £1.2bn of shareholders’ funds. Cayzer-Colvin said the company is a "true believer in India" and approximately 10% of its total assets are invested in the region.
Other recent projects from the Cayzer family have been the launch of Close Brothers, Edington Capital and Polar Capital.
Meanwhile, Cornell joined the group in January 2010 from Henderson. He moved to Henderson following the New Star merger and grew up in India.
