Asset and wealth management firm, AssetCo, has reached an agreement to acquire the entire issued share capital of Ocean Dial Asset Management.

The acquisition, from Avendus Capital Asset Management (UK), is for a total consideration of £4.13m.

AssetCo confirmed the consideration will be satisfied by the delivery of 2.9 million ordinary shares of £0.01 each in the capital of the company, as well as £2.13m in cash, of which 732,065 ordinary shares and £500,000 shall be deferred until the end of the year, in accordance with the provisions of the sale and purchase agreement. The ordinary shares that form part of the consideration will be transferred out of treasury post completion.

Ocean Dial’s current business is the management of the assets of the India Capital Growth Fund, which as of the end of February, had a net asset value in excess of £127m and an annualised run rate revenue of £1.4m.

Chairman of AssetCo, Martin Gilbert, commented: “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.

“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 acquisition remains conditional on approval by the FCA to a change in controller, which AssetCo expects to occur before the end of Q2 this year.

Share Story: