(Alliance News) - AssetCo PLC on Tuesday said the UK Financial Conduct Authority approved its planned GBP4.1 million acquisition of Ocean Dial Asset Management Ltd.
The London-based asset management fund said the FCA approval allows it to proceed with the acquisition, once Indian regulatory approvals have been obtained.
AssetCo said the requisite clearances from the Indian regulators are now "at an advanced stage".
It expects the acquisition to be earnings enhancing for the group and provides that the economic interest in the Ocean Dial business accrues to AssetCo from the date of the FCA approval.
"The approval of the FCA is a significant step forwards and brings us closer to completing our acquisition of Ocean Dial, which will broaden and strengthen our equity management capability," said AssetCo Chair Martin Gilbert.
"India is making significant progress and its economy has the potential to match or even overtake those of the US and China in the longer term. The country is home to some market leading companies and a remarkable pool of talent. We are excited to be one step closer to being able to complete our acquisition of Ocean Dial."
Shares in AssetCo last traded at 41.75 pence each in London on Monday morning. On Tuesday morning, they were quoted at 42.50p each.
By Greg Rosenvinge, Alliance News reporter
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Assetco (ASTO)