LONDON, UK: AssetCo, the agile asset and wealth management company, has received the green light from the UK regulator to proceed with its acquisition of Ocean Dial Asset Management Limited, a specialist India-focused fund manager.

The Financial Conduct Authority (FCA) has approved AssetCo’s change in control application, which was announced on 6 March 2023. The deal is still subject to Indian regulatory approvals, which are at an advanced stage.

AssetCo will pay £4.125m for Ocean Dial, of which £2.125m will be in cash and the rest in shares. The acquisition is expected to boost AssetCo’s earnings and expand its equity management capability.

Ocean Dial manages the India Capital Growth Fund Limited, which had a net asset value of over £150m as of July 2023.

The fund has outperformed its benchmark by 7% over the last year, thanks to the expertise of its India-based advisory team led by Gaurav Narain, who will join AssetCo on completion.

Martin Gilbert, Chairman of AssetCo, said: “The approval of the FCA is a significant step forwards and brings us closer to completing our acquisition of Ocean Dial, which will broaden and strengthen our equity management capability. We are delighted to celebrate that progress on Independence Day for India, recognising that we await final approval from the Indian regulators.

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.”

AssetCo to acquire Ocean Dial Asset Management from Avendus Capital for £4.125mn