Indian equity specialist team of Ocean Dial Group (ODG) has agreed to buy out the business from its parent company Caledonia Investments plc., a self-managed UK investment trust with approximately GBP1.2 billion (US$1.53 billion) of shareholders’ funds.
Accoridng to the deal, Henderson manager David Cornell and other senior Ocean Dial staff will join forces Raju Shukla, former head of Barclays Capital India, to acquire the entire ODG business.
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Shukla will take a controlling stake in ODG’s newly-created parent company, Ocean Dial Investment Company (Singapore).
As a part of the agreement, ODG’s UK subsidiary Ocean Dial Asset Management will continue to manage the firm’s India Capital Growth fund (ICGF) and the Gateway to India fund (GTIF).
Cornell said: ""With his skill and knowledge of the market place, we plan to scale up the assets under management in equities and in due course in other asset classes too, notably fixed income.
"Caledonia’s continued support through its investment in ICGF and GTIF provides us with a stable anchor investor, around which we intend to build substantial third party assets."
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