Newly listed Oberon Investments has acquired London based Smythe House, adding £40m of assets to its books.
The firm will pay £217,000 in cash and issue the vendors 2.5m shares, with a possible future payment of a maximum 4.9m shares and £33,000 in cash, depending on the performance of the acquired business.
Established in 2009, Smythe House provides bespoke relationship-driven services and financial planning to high net-worth clients in the wealth management, capital markets and real estate sectors.
The firm will be integrated into Oberon’s wealth management division following the acquisition.
Simon McGivern, chief executive of Oberon Investments Group, said: “Smythe House, with whom we share the same ethos of client service, illustrates the strategic approach to acquisitions we are taking.
"Their portfolio of services will be rolled out over time to Oberon’s existing client base. We continue to evaluate further acquisition opportunities as Oberon’s AUA and platform continue to rapidly develop and grow."
Oberon floated on the AQUIS stock exchange in February after a reverse takeover of Baskerville Capital, and is expected to announce a revenue hike of 240 per cent for the year to the end of March, to £3.75m.
It said it had seen a 300 per cent increase in assets under administration to £550m, up from £126m at the same point last year.
In February Oberon said it was eyeing a pipeline of acquisitions, which it said at the time already included a "number of discussions with fund and wealth management teams".
It said last year's acquisition of Hanson Investment Management, which had declining AUA of £95m at the time of purchase, has now grown by more than 50 per cent to £150m AUA (as of April 2021).
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