Avendus to buy UK-based Ocean Dial Asset Management

Valuation remains undisclosed; Acquisition is subject to regulatory approvals in India, UK

KKR-backed financial services company Avendus Capital, has acquired Ocean Dial Asset Management, a UK-based asset management company that manages £450 million in long-only India equities across three funds. 

Avendus has signed a binding agreement to acquire 100 per cent shareholding from Raju Shukla, Chairman and MD, Ocean Dial Investment Company, and the management team, Avendus said in a statement.

The valuation was undisclosed. The acquisition is subject to regulatory approvals in India and the UK.

Ranu Vohra, co-founder, managing director and chief executive officer, Avendus Capital, said: “The acquisition would help us scale up our public equities presence. As the public markets are deepening, there is a switch from mutual funds to alternative investment funds.”

The acquisition is synergistic and Avendus will work to make Ocean Dial a bigger play by bringing in investors from other geographies into the fold.The majority shareholder of Avendus Capital are funds and investment vehicles managed or advised by global investment firm KKR. Avendus has grown from being a deal-maker of India to a full-fledged financial services company by offering products in niche areas — alternative asset management, wealth management and structured credit solutions, over and above investment banking.