FCA approves AssetCo acquisition of Ocean Dial AM

Waiting on Indian approval

The Financial Conduct Authority has approved AssetCo’s £4.1m purchase of Ocean Dial Asset Management.

Although still waiting on Indian regulatory approval, AssetCo said the requisite clearances were "at an advanced stage". AssetCo CEO Campbell Fleming steps down The offer, which was made in March of this year, will see the Martin Gilbert-chaired asset manager incorporate emerging markets within the firm for the first time. The purchase will be made with £2.1m in cash and the issue of 2,928,258 ordinary shares of £0.01 each AssetCo said Ocean Dial's India Capital Growth Fund investment trust, which currently holds £150m in assets under management, will be brought under the Ri...