Financial services firm Avendus Capital today said it is acquiring UK-based Ocean Dial Asset Management, a move which will help boost its asset management business and bring in clients from other parts of the world.
Ocean Dial currently manages assets worth 450 million pounds in long only India equities, across three funds.
"Avendus has signed a binding agreement to acquire the 100 per cent shareholding from Raju Shukla, chairman and managing director, Ocean Dial Investment Company and the management team," the company said in a statement.
The deal value was undisclosed.
"Avendus has been consistently making efforts to bolster its asset management businesses and this acquisition is one such step in the journey of growth," Avendus Capital 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," Vohra added.
Ocean Dial Asset Management chairman and MD Raju Shukla said, "Avendus has a unique vision and great expertise when it comes to partnerships and acquisitions which will enable us to scale our services in a strategic manner."
The acquisition is subject to regulatory approvals in India and the UK.
Besides investment banking, Avendus offers products related to alternative asset management, wealth management and structured credit solutions.
The majority shareholder of Avendus Capital are funds and investment vehicles managed or advised by global investment firm KKR.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)