Avendus Capital has acquired long only India equities fund manager Ocean Dial Asset Management, taking on £450m of AUM across three funds for an undisclosed fee.
The acquisition, subject to regulatory approval in the UK and India, will see Avendus obtain a 100% shareholding from chairman and managing director of Ocean Dial Investment Company, Raju Shukla. Ocean Dial runs the £100m India Capital Growth fund, an investment trust investing in small- and mid-cap Indian equities, a $400m Gateway to India fund, an open ended UCITS fund that is currently is closed to new investors, and a Systematic India Return fund, an open ended UCITS fund investing Indian listed equities and equity related securities. Eastspring's Gupta: India has a 30-year runway...
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