RE: Algw9 Apr 2021 08:59
Rns key points:
The Fund
Further building upon the impressive growth rate of the Black Oak Alpha Growth Fund during 2020, where the fund AUM increased by over 100%, we have achieved $5m of additional inflows into the fund representing an increase of 24% during this quarter.
Since inception 19 months ago, the Black Oak Alpha Growth Fund has achieved a net return of 15.65% and at the close of Q1 2021 AUM stood at $25.5 million.
2021 is a key year for Alpha Growth and the Company is looking to substantively increase the marketing of the Black Oak Alpha Growth Fund.
Providence Life Assurance Company Ltd
Progressing our plan to invest in strategies that increase assets under management and long term revenue, the Directors believe that the Company's recent investment of $3,992,550 to acquire 95% of Northstar Group (Bermuda) Ltd and its wholly owned insurance company, Providence Life Assurance Company Ltd, will prove to show similar gains over the course of 2021. These gains are expected to be achieved via a build and buy strategy, we are now actively reviewing a pipeline of acquisition opportunities and would expect to make further announcements during 2021.
As previously announced, Providence has over $275 million in segregated accounts assets. That combined with the Fund, brings the assets under the group to over $300 million and provides the Company with the scale required to ensure we are an attractive proposition for investors.