(Alliance News) - Oberon Investments Group PLC on Friday said it has bought a majority stake in Logic Investments Ltd, after raising GBP1.8 million.

The London-based boutique investment management, wealth planning and corporate broking group said it has agreed to buy 63% of the share capital of Logic Investments. Logic Investments provides custody and administration services to investment managers and financial institutions.

Logic said it has grown its funds under management and administration of over GBP275 million.

"The acquisition will enable Logic to develop a market-leading Back Office service, as well as supporting Oberon's growing Investment Management and Corporate broking businesses," Oberon explained.

The company said it has raised GBP1.8 million through a placing of 50.1 million new shares at a price of 3.5 pence each.

Oberon shares were up 1.5% at 3.30 pence each in London on Friday afternoon

Oberon said the proceeds from the placing will be used to support the expansion of the company's Corporate Advisory and Investment Management business divisions and to accelerate growth in 2023.

Chief Executive Officer Simon McGivern said: "This deal will provide a robust platform to support Oberon's future growth, growth which has been underpinned by providing the highest quality operational and custody services to our clients. As we progress, we aim to add additional services to Logic's platform and work with suppliers to create a market leading custody and administration offering for other like-minded institutions, to take advantage of the rapidly changing capital markets."

By Sophie Rose, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.