Business
Acquisition of majority stake
Acquisition of majority stake.
About this update from Oberon Investments Group Plc.
[{"type":"text","content":"\n\nThis 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\").\n \nOberon Investments Group plc\n('Oberon' or the 'Company' or the 'Group')\nAcquisition of majority stake in Custody Business and Fintech Platform\n \nOberon 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 £500,000 funding from the family office of John Gunn, an early-stage investor in many successful ventures, including interactive investor, recently sold to Abrdn for £1.5bn.\nAs a result, Oberon owns 63% of Logic, and it becomes part of the Oberon Group.\nKey points:\n· Logic has developed its own proprietary FinTech platform and provides custody and operations services to third-party wealth managers\n· Logic has its own FCA CASS permissions for custody and back-office functions, and currently runs around £300m in AUA on its tech platform\n· 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\n· 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\n· £500,000 cash investment in Logic from the John Gunn family office and connected entities, to help fund tech development and expansion of the platform\n· 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\n· 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 fi...