Oberon Investments - Richard Penny joins Oberon

4 November 2024

Oberon Investments Group plc
('Oberon' or the 'Company')

Leading Fund Manager Joins Oberon from Lansdowne

Oberon signs star fund manager, Richard Penny, in transfer deal

Oberon Investments Group plc (AQSE: OBE), the boutique investment management, wealth planning and corporate broking group is pleased to announce it has signed Richard Penny, a renowned special sits and small-cap fund manager in a fund transfer deal. Richard will join Oberon and continue to manage his three UK focused funds which are transferring from active equities investment manager Lansdowne Partners ("Lansdowne"). The transferred funds are TM CRUX UK Special Situations Fund, TM CRUX UK Core Fund and TM CRUX UK Smaller Companies Fund. The funds, Richard, and his investment team will move to Oberon, ensuring a seamless transition for investors.

Richard has been Citywire AAA-rated and is recognized for his long-standing success in special situations and small-cap investing. With a career spanning over 30 years, Richard has significantly outperformed market benchmarks over long periods, delivering high returns for clients and building an enviable reputation within the financial community. His recent achievements include managing CRUX Asset Management's UK Core, Special Situations and Small Cap Funds, where he successfully navigated volatile markets, achieving strong returns and cementing his place as a premier manager in UK equities.

With an entrepreneurial approach and a focus on bespoke client solutions, Oberon has established itself as an attractive, innovative force in the UK financial sector. The firm, listed on the Aquis Stock Exchange and backed by a number of high-profile Venture Capital funds, has grown rapidly by drawing talent from prestigious financial institutions, including Investec/Rathbones, Atomos, and JM Finn. This dynamic culture has created an environment where investment managers thrive, driven by Oberon's commitment to high-touch, client-centred services across its divisions in Investment Management, Wealth Planning, and Corporate Advisory & Broking.

The CRUX UK Equity Funds, totalling c. $84 million in assets under management, will be transferred to Oberon as of 13 December 2024 and rebranded: the TM Oberon UK Core, TM Oberon UK Special Situations, and TM Oberon UK Smaller Companies funds. This strategic move is anticipated to deliver continuity and performance stability for investors, alongside enhanced opportunities through Oberon's distinct, bespoke approach.

Well-Timed Focus on Value in AIM and Small Cap Sectors

The appointment coincides with an optimal moment for the AIM and small-cap markets, which have recently seen underperformance. However, with the UK Budget now announced, these markets enter a new chapter, with significant potential upside. Policy shifts are expected to stimulate renewed investor interest in these markets and bolster the UK's smaller companies' sector, making Richard's role as fund manager at Oberon a well-timed strategic advantage.

Simon McGivern, CEO of Oberon Investments, commented:

"With a proven track record, Richard Penny is one of the UK's best known fund managers. This transfer deal brings in a star fund manager who will no doubt be a very central figure in our young ambitious business. We are delighted that Richard has chosen Oberon for the next step in his career."

Richard Penny commented on his move to Oberon:

"I believe the small/mid-cap arena is at unprecedented lows which represents an historic opportunity, especially with the budget now behind us. The team's commitment to innovation and bespoke client solutions makes Oberon the perfect platform for me to continue my investment journey. I look forward to working with a dynamic team and managing these funds under the Oberon brand.  I remain totally committed to all three funds and delivering continuity for all investors."

Brian Heyworth, CEO and Managing Partner of Lansdowne Partners, said:

"The transfer of Richard's funds benefits all parties involved and aligns with our long-term vision to concentrate on our core strategies. We are confident that Oberon will provide Richard and his team with a great platform to pursue their strategy. We wish them every success going forward."

With the addition of Richard Penny, Oberon Investments continues its strong growth, adding to its core Wealth and Investment management divisions. This latest addition positions Oberon to maximise the evolving opportunities in AIM and small-cap markets, further fuelling its growth trajectory and expanding its influence within the wealth management industry.

The directors of Oberon accept responsibility for this announcement. 

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