Avendus Capital has today announced the acquisition of Ocean Dial Asset Management, a UK-based asset management company that currently manages £450 million in Long Only India equities, across three funds, said a press release issued by the company.
Avendus has acquired 100% stakes at an undisclosed amount. However, the acquisition is subject to regulatory approvals in India and the UK.
Commenting on the acquisition, Ranu Vohra, Co-founder, Managing Director and Chief Executive Officer, Avendus Capital, said “Avendus has been consistently making efforts to bolster its asset management businesses and this acquisition is one such step in the journey of growth. 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.”
Raju Shukla, Chairman and Managing Director, Ocean Dial Asset Management, said “We are happy to be associated with Avendus Capital as a medium to expand our business and growth. 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.”
Avendus has grown 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. The majority shareholders of Avendus Capital are funds and investment vehicles managed or advised by KKR, a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit and, through its strategic partners, hedge funds.
Recently, the Avendus Absolute Return Fund, under the leadership of Andrew Holland, has crossed Rs. 1000 crore of assets under management in just four months since launch.
