ODG is currently 100% owned by FSTE 250 company Caledonia Investments which has agreed a deal to sell the company to Ocean Dial Investment Company – a new enterprise created and wholly owned by Raju Shukla and the ODG management team led by David Cornell and Robin Sellers.
Shukla, who is a former country head for Barclays Capital businesses in India, will be subscribing additional capital into the new company in order to take a controlling share.
The deal is subject to approval from the UK’s Financial Conduct Authority.
In a joint statement, Cornell and Sellers said: “In Raju we have gained a partner and investor who is able to bring value to the company. With his skill and knowledge of the market place, we plan to scale up the assets under management in equities and in due course in other asset classes too, notably fixed income.”
ODG’s FCA authorised UK subsidiary, Ocean Dial Asset Management, will continue to manage the India Capital Growth Fund (ICGF) and the Gateway to India Fund (GTIF) and will seek to expand its funds under management.
Jamie Cayzer-Colvin, director of Caledonia, said: “By way of demonstrating our continued support and satisfaction with the team’s investment performance, we intend to remain invested in ICGF and GTIF and represented on their boards.”
