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AssetCo PLC on Monday said that it has agreed to buy the entire issued share capital of Ocean Dial Asset Management Ltd from Avendus Capital Asset Management Ltd. AssetCo is a London-based asset management fund. Ocean Dial, which is wholly-owned by Avendus, manages the assets of the India Capital Growth Fund Ltd, which had a net asset value as at February 28 in excess of £127 million. The consideration will be satisfied by the delivery of 2.9 million company shares, and £2.1 million in cash. Of this, 732,065 shares and £500,000 will be deferred until after the end of 2023. The acquisition is conditional on approval by the Financial Conduct Authority to a change in controller by the end of the second quarter, and by the Reserve Bank of India and Securities Exchange Board of India in the third quarter. ‘We are delighted to welcome India Capital Growth Fund as a client of our group and look forward to working with the fund’s current management to provide the fund’s board with a first class service,’ said AssetCo Chair Martin Gilbert. ‘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.’ AssetCo shares were trading 0.9% higher at 68.60 pence each in London on Monday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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