Avendus Capital, a financial services firm backed by American private equity firm KKR, has agreed to acquire Ocean Dial Asset Management, a UK-based asset manager, for an undisclosed sum.
The deal, subject to regulatory nod, will involve Avendus purchasing a 100% shareholding of Ocean dial from the latter’s chairman and managing director Raju Shukla and the management team.
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Ocean Dial oversees £450m in long only India equities across three funds, namely the India Capital Growth, Gateway to India and Systematic India Return funds. The firm’s offerings include the Avendus Absolute Return fund run by Andrew Holland.
Avendus Capital co-founder, managing director and CEO Ranu Vohra said: “The acquisition will help us scale up our public equities presence.
“As the public markets are deepening, we are observing a switch from mutual funds to alternate investment funds. The acquisition is synergistic, as we will work to make Ocean Dial a bigger play by bringing in investors from other geographies into the fold. There exists an opportunity to create a center of excellence in public equities investing and Avendus attempts to create leadership in this space.”
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