Oberon Investments Group PLC Acquisition of majority stake (1836C)
09 June 2023 - 4:00PM
UK Regulatory
TIDMOBE
RNS Number : 1836C
Oberon Investments Group PLC
09 June 2023
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Which is part of the United
Kingdom domestic law pursuant to the Market Abuse (Amendment) (EU
Exit) Regulations (SI 2019/310) ("UK MAR").
Oberon Investments Group plc
('Oberon' or the 'Company' or the 'Group')
Acquisition of majority stake in Custody Business and Fintech
Platform
Oberon Investments Group plc (AQSE: OBE), the boutique
investment management, wealth planning and corporate broking group,
is pleased to announce that, further to the Company's announcement
on 20 January 2023, it has received FCA approval for the change of
control in Logic Investments Ltd ('Logic') and has therefore
completed the acquisition of its majority stake in Logic. Logic has
also raised GBP500,000 funding from the family office of John Gunn,
an early-stage investor in many successful ventures, including
interactive investor, recently sold to Abrdn for GBP1.5bn.
As a result, Oberon owns 63% of Logic, and it becomes part of
the Oberon Group.
Key points:
-- Logic has developed its own proprietary FinTech platform and
provides custody and operations services to third-party wealth
managers
-- Logic has its own FCA CASS permissions for custody and
back-office functions, and currently runs around GBP300m in AUA on
its tech platform
-- Oberon is now working with Logic to expand the FinTech
offering to provide a market-leading technology platform for
Oberon's own customers and then beyond to other financial
institutions
-- New developments will include incorporating data analytics to
improve the service and offering for users, as well as connectivity
for Investment Managers with their clients
-- GBP500,000 cash investment in Logic from the John Gunn family
office and connected entities, to help fund tech development and
expansion of the platform
-- Over the next 12 months, Oberon will combine its own
back-office functions with Logic, creating a custody and
settlements division on its own platform
-- As the platform develops, it is intended this division of
Oberon will expand its services, to offer a disruptive, 'best in
class' back-office service to other external investment managers
and financial institutions
-- Logic currently manages assets for a number of existing
clients to whom it intends to offer Oberon's investment management
capabilities and services
Oberon Chief Executive Officer Simon McGivern said: "Having
received change of control approval from the FCA, we are thrilled
to welcome the Logic team into the Oberon Group. We are also
excited about the involvement of John Gunn and his family interests
as an investor in Logic. John was an early-stage investor and
supporter of interactive investor, advising the group from an early
start up through to its GBP1.5bn exit to Abrdn.
We will be working closely with Logic's management team, along
with our own team and selected partners to create a market leading
back-office platform which will benefit our existing clients and
other like-minded companies."
Logic shareholder, John Gunn said: "Having met the team at
Oberon and knowing the huge opportunity there is in the financial
sector, I am very excited to be involved in this technology and
business. We are well aware of how fast platforms can scale in this
sector, how we can use data analytics and AI to improve the
operational ability of firms like Oberon, by improving the customer
offering and connection. It also appears we are coming to the end
of a downward cycle, making it the perfect time for Oberon and
Logic to disrupt a market that has still seen little change over
the last decade or so".
Khilan Shah, Director of Logic said: "Today we join a company
with strong financial knowledge and a shared vision for the future.
The opportunities that come with joining Oberon are significant and
we are excited at the next part of the journey to deliver a
'best-in-class' service to our clients."
Enquiries:
Oberon Investments Group plc
Simon McGivern / Galin Ganchev 020 3179 5300
Novum Securities Limited (AQSE
Corporate Adviser to the Company)
Richard Potts, George Duxberry 020 7399 9400
Oberon Capital (Broker to the
Company)
Mike Seabrook, Nick Lovering 020 3179 5300
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END
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