AssetCo Plc, the asset manager founded and chaired by Martin Gilbert, has agreed to acquire Ocean Dial Asset Management Limited, investment manager to India Capital Growth. The deal is subject to regulatory approvals from the Financial Conduct Authority in the UK, the Securities Exchange Board of India and the Reserve Bank of India.
Ocean Dial will combine with AssetCo’s other active equity asset management businesses, coming under the River and Mercantile brand and operating from a shared, central infrastructure in due course. This will strengthen the breadth and depth of resources available to India Capital Growth Fund, by facilitating access to River & Mercantile’s distribution and investment support capabilities, with ESG being a focal point for co-operation.
It will be business as usual for the investment team in India which has generated an average annual NAV return (net of fees) of 14.5% since Gaurav Narain joined the investment team in India. The UK directors of Ocean Dial – David Cornell and Robin Sellers – will stand down after facilitating a transition to the on-going management structure which will include Swati Jain, Ocean Dial’s global head of sales & distribution, and the management team of AssetCo.
IGC : India Capital Growth’s manager bought by AssetCo