The financial terms of the deal were not disclosed.

Global financial services firm Avendus Capital, which has offices in Mumbai, New York and London, has agreed to acquire Ocean Dial Asset Management, a UK-based asset management company, that manages £450 million ($584 million) in long only India equities.

Avendus has signed a binding agreement to acquire 100 per cent of the shareholding from Raju Shukla, chairman and managing director of Ocean Dial Investment Company, the firm said in a statement.

The potential financial terms of the deal were not disclosed. The acquisition is subject to regulatory approvals in India and the UK.

“Avendus has been consistently making efforts to bolster its asset management businesses and this acquisition is one such step in the journey of growth," Ranu Vohra, co-founder, managing director and chief executive, Avendus Capital, said. "The acquisition will help us scale up our public equities presence. As the public markets are deepening, we are observing a switch from mutual funds to alternate investment funds. The acquisition is synergistic, as we will work to make Ocean Dial a bigger play by bringing in investors from other geographies into the fold. There exists an opportunity to create a center of excellence in public equities investing and Avendus attempts to create leadership in this space."

Avendus is a financial services company which offers alternative asset management, wealth management and structured credit solutions and investment banking.