Asset and wealth management firm AssetCo has signed a deal to buy the entire issued share capital of Ocean Dial Asset Management from Avendus Capital Asset Management (UK).
Founded in 2005, Ocean Dial is currently involved in the management of India Capital Growth Fund (ICGF) assets.
As of 28 February 2023, ICGF had more than £127m in net asset value and a yearly run rate revenue of £1.4m.
As part of the deal, which is valued at £4.125m, Ocean Dial will be incorporated into AssetCo’s other active equity asset management businesses operating under River and Mercantile (R&M) brand.
The integration will boost ICGF’s capabilities by providing its clients with access to R&M’s distribution and investment support offerings. Environmental, social, and governance (ESG) will be the basis for co-operation among the businesses.
ICGF’s investment team in India will continue to operate as usual, while Ocean Dial UK directors David Cornell and Robin Sellers will step down after completing a smooth transition.
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Its management will include Ocean Dial global head of sales & distribution Swati Jain and AssetCo’s management team.
The deal awaits regulatory clearances from the UK Financial Conduct Authority (FCA), the Securities Exchange Board of India and the Reserve Bank of India.
AssetCo chairman Martin Gilbert said: “AssetCo’s mission is to acquire, improve and grow asset management businesses with potential.
“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.”
The latest deal follows an announcement about the purchase of SVM Asset Management by AssetCo in a deal valued at around £10.7m.