AssetCo has completed the £4.1m acquisition of Ocean Dial Asset Management, which will be merged with River and Mercantile.
This will include the combination with AssetCo's other equity management businesses which, following the merger, will operate from a shared, centralised infrastructure, set to be established "in due course", it said in a regulatory filing today (2 October).
FCA approves AssetCo acquisition of Ocean Dial AM
Ocean Dial AM's investment trust, India Capital Growth fund (ICGF), will be able to "strengthen the breadth and depth of resources available" by tapping into River and Mercantile's distribution and investment support capabilities, with a focus on ESG.
India Capital growth invests in long-term opportunities in the mid- and small-cap space in India. Since 2011, it has generated an average annual NAV return of 16.4%. For the time being, the running of the trust will be "business as usual" for the investment team, it said.
Elisabeth Scott, ICGF chair, said: "The board of ICGF supports this transaction and welcomes ODAM's move in ownership to a more fully resourced UK asset management group. We are also delighted that the successful investment team in India, led by Gaurav Narain, continues unchanged."
AssetCo agrees £4.1m acquisition of Ocean Dial Asset Management
Martin Gilbert, chair of AssetCo, added: "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 and shareholders 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."
