LONDON, UK: Oberon Investments Group plc (AQSE: OBE), a boutique investment management, wealth planning, and corporate broking group, is pleased to announce the successful completion of its acquisition of a majority stake in Logic Investments Ltd (‘Logic’).

The Financial Conduct Authority (FCA) has granted approval for the change of control, allowing Oberon to proceed with the transaction. As a result, Oberon now owns 63% of Logic, which will operate as part of the Oberon Group.

Logic, known for its proprietary FinTech platform, specializes in providing custody and operations services to third-party wealth managers. The company holds FCA CASS permissions for custody and back-office functions and currently manages around £300 million in assets under administration (AUA) on its technology platform.

The strategic collaboration between Oberon and Logic aims to expand their FinTech offering, creating a market-leading technology platform for Oberon’s existing customers and beyond, extending its services to other financial institutions. The development plans include incorporating data analytics to enhance user experience and connectivity for investment managers with their clients.

To facilitate the expansion and technological advancements, Logic has secured £500,000 in funding from the family office of John Gunn. Gunn, an early-stage investor in successful ventures such as interactive investor, recently sold to Abrdn for £1.5 billion. The cash injection will support the development of Logic’s technology and the expansion of its platform.

Over the next year, Oberon will integrate its back-office functions with Logic, establishing a custody and settlements division on its platform. This division aims to provide disruptive and best-in-class back-office services to external investment managers and financial institutions.

Logic, with its existing client base, plans to offer Oberon’s investment management capabilities and services to its current clients, further enhancing their value proposition.

Expressing his enthusiasm for the acquisition, Oberon CEO Simon McGivern stated, “We are thrilled to welcome the Logic team into the Oberon Group following the change of control approval from the FCA. We are also excited about the involvement of John Gunn and his family interests as an investor in Logic. Together, we aim to create a market-leading back-office platform that will benefit our existing clients and other like-minded companies.”

Logic shareholder John Gunn, impressed by Oberon’s team and the potential within the financial sector, said, “We are excited to be involved in this technology and business. We can leverage data analytics and AI to improve operational capabilities and customer offerings, disrupting a market that has seen little change in the last decade.”

Khilan Shah, Director of Logic, expressed optimism about the partnership, stating, “Joining Oberon provides us with significant opportunities and a shared vision for the future. We are excited about delivering a ‘best-in-class’ service to our clients in this next phase of our journey.”

The acquisition of Logic Investments marks a significant milestone for Oberon Investments Group, positioning the company for further growth and innovation in the financial services sector. With their combined expertise and resources, Oberon and Logic aim to revolutionize the industry by introducing cutting-edge technology and enhancing customer experiences.

Mike Cuthbert appointed Chairman of Oberon Investments Group