AssetCo to acquire Ocean Dial Asset Management

Asset and wealth management company AssetCo revealed on Monday that it will acquire India-based firm Ocean Dial Asset Management for a total of £4.12m.

AssetCo stated the consideration will be satisfied by the delivery of 2.92m ordinary shares and £2.12m in cash, of which 732,065 ordinary shares and £500,000 will be deferred until after the calendar year.

The AIM-listed group said the acquisition was expected to be earnings enhancing and anticipates that further synergies will be achievable following completion. Ocean Dial will have net assets as at completion of not less than £250,000.

Chief executive Martin Gilbert said: "We are delighted to welcome India Capital Growth Fund as a client of our group and look forward to working with the fund's current management to provide the fund's board with a first class service.

"AssetCo's mission is to acquire, improve and grow asset management businesses with potential. We are excited about the long-term potential that India offers and see opportunities to add value by bringing Ocean Dial together with the other active equity asset management businesses we are combining under the River and Mercantile brand."

As of 0930 GMT, AssetCo shares were down 1.32% at 67.10p.

Reporting by Iain Gilbert at Sharecast.com