Financial services group Avendus has purchased London-based emerging markets boutique Ocean Dial Asset Management, the companies have announced.
The two firms have signed a binding agreement for a 100% shareholding to be purchased by Avendus from Ocean Dial chairman and managing director, Raju Shukla.
Ocean Dial AM oversees £450 million (€497 million) in assets across three long-only Indian equity funds, which includes the Dublin-domiciled Gateway to India fund.
This strategy is managed by Ocean Dial AM chief investment officer and Citywire AA-rated David Cornell. It was closed to new investors in May of this year after reaching its maximum capacity.
Avendus said the purchase was designed to bolster its presence within asset management, while capitalising on Ocean Dial AM’s expertise in Indian equities and its international client base.
The deal remains subject to regulatory approval in India and the UK. The valuation of the deal was not disclosed.
Avendus, which is headquartered in India, has expanded from financial services to cover alternative asset management, wealth management and structured credit. The majority shareholder are funds and investment vehicles managed or advised by KKR.