India Capital Growth Fund Limited Completion of acquisition of Investment Manager (0515O)
02 Octubre 2023 - 1:00AM
UK Regulatory
TIDMIGC
RNS Number : 0515O
India Capital Growth Fund Limited
02 October 2023
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN
(TOGETHER, THIS "ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA,
CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
2 October 2023
INDIA CAPITAL GROWTH FUND LIMITED
LEI: 213800TPOS9AM7INH846
Completion of the acquisition of the Investment Manager
India Capital Growth Fund ("ICGF" or "the Company"), the London
premium listed investment company established to take advantage of
long-term investment opportunities in mid and small cap Indian
companies, is pleased to confirm completion today of the
acquisition of the Company's investment manager, Ocean Dial Asset
Management Limited ("ODAM"), by AssetCo PLC ("AssetCo"), the agile
asset and wealth management company founded and chaired by Martin
Gilbert.
As previously announced ODAM will combine with AssetCo's other
active equity asset management businesses, coming under the River
and Mercantile ("R&M") brand and operating from a shared,
central infrastructure in due course. This will strengthen the
breadth and depth of resources available to ICGF, by facilitating
access to R&M's distribution and investment support
capabilities, with ESG being a focal point for co-operation.
It continues to be business as usual for the investment team
which has generated an average annual NAV return (net of fees) of
16.4% since Gaurav Narain joined the ICGF investment team in India
in December 2011.
Elisabeth Scott, Chair of India Capital Growth Fund, said:
"The Board of ICGF supports this transaction and welcomes ODAM's
move in ownership to a more fully resourced UK asset management
group. We are also delighted that the successful investment team in
India, led by Gaurav Narain, continues unchanged."
Martin Gilbert, Chairman of AssetCo, added:
" 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 and shareholders
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."
ENQUIRIES
Robin Sellers
Ocean Dial Asset Management
+44 (0) 20 7068 9870
robin.sellers@oceandial.com
William Clutterbuck
Rachel Cohen
H/Advisors Maitland PR
+44 (0) 20 7379 5151
william.clutterbuck@h-advisors.global
rachel.cohen@h-advisors.global
Robert Finlay
Henry Willcocks
Fiona Conroy
Shore Capital
+44 (0) 20 7408 4050
Gary Marshall
Lucy Draper
AssetCo
+44 (0) 7788 338157
+44 (0) 7702 799117
The person responsible for arranging for the release of this
announcement is Matt Lihou of Apex Fund and Corporate Services
(Guernsey) Limited, the Company Secretary.
About India Capital Growth Fund
India Capital Growth Fund Limited the LSE premium listed
investment company registered and incorporated in Guernsey, was
established to take advantage of long-term investment opportunities
in companies based in India. ICGF predominantly invests in listed
mid and small cap companies, although investments may also be made
in large cap and private Indian companies where the Fund Manager
believes long-term capital appreciation will be
achieved. www.indiacapitalgrowth.com
About AssetCo
AssetCo plc is an AIM listed company primarily involved in
acquiring, managing and operating asset and wealth management
activities and interests, together with other related services. Its
strategy principally focuses on making strategic acquisitions and
building organic activities in areas of the asset and wealth
management sector where structural shifts have the potential to
deliver exceptional growth opportunities. Our objective is to build
an agile asset and wealth management business that is fit for
purpose in the 21(st) Century. www.assetco.com
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END
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