The completion follows the necessary approvals from the FCA and Indian regulators.

The initial payment for the acquisition consisted of 1,464,129 ordinary shares valued at £0.01 each and £2.46 million in cash, amounting to £1.82m net of cash within the business.

Additionally, there is a provision for up to another 1,464,129 ordinary shares to be issued on a deferred basis post the calendar year end, aligning with the terms set in the sale and purchase agreement. All consideration shares are, and will be, issued at an agreed price of 68.3p per share out of treasury, with 6,818,898 ordinary shares remaining in treasury post the initial consideration.

Ocean Dial primarily manages the assets of the India Capital Growth Fund Limited, which boasted a net asset value of approximately £156m as of 22 September 2023, translating to an annualised run rate revenue of £1.86m for the manager.

The acquisition is expected to be earnings enhancing for the group and it is anticipated that further synergies will be achievable. Ocean Dial had estimated net assets at completion exceeding £0.6m. The fund has been successfully advised for several years by Gaurav Narain and his team based in India and UK.

Martin Gilbert, chairman of AssetCo, said: “We are delighted to have completed the acquisition of Ocean Dial on the timetable originally envisaged and to welcome India Capital Growth Fund as an important and valued client of our group.

“We are excited about the long-term potential that India offers and see opportunities to add value by bringing Ocean Dial including Gaurav and his team together with the other active equity asset management businesses we are combining under the River and Mercantile brand.”

Gaurav Deepak, co-Founder and CEO of Avendus Capital (India), added: “Avendus is delighted to have completed the sale of Ocean Dial to AssetCo, and we look forward to a long and fruitful future relationship with Martin and his team.”