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A new fund launched by Ravenscroft has made its first investments just weeks after launching, including in a Guernsey firm whose systems manage transactions worth more than £11.5bn annually.
The Financial Services Opportunities Investment Fund Limited (the “Fund”) has taken a 20 percent stake in Enhance Group and a five percent interest in CORVID Holdings. The Fund was unveiled in October with the aim of investing in financial services businesses, primarily in global offshore financial centres, to provide investors with an income stream and long-term capital growth.
Guernsey company CORVID is a market leader in the payments industry and IT security through its two subsidiaries, CORVID PayGate and CORVID Protect.
CORVID PayGate is a recognised leader in the payments sector, with its bureau systems alone managing more than 17 million transactions a year with an intrinsic value of more than £11.5bn. With more than 35 years’ experience in the payments sector, hundreds of companies work with Corvid PayGate’s renowned UK support team helping deliver its secure, reliable and scalable solutions.
Corvid Protect delivers advanced and innovative IT security discreetly with best-in-class monitoring, intelligence, protection and remediation services. It offers peace of mind to businesses that don’t have the staff and specialist infrastructure to deliver such services themselves.
The Fund has also invested in another financial services market leader, Enhance Group, which has won an exceptional reputation for delivering services through the use of innovative technology it has developed and now has in excess of £20bn of assets under review across 12 jurisdictions with full service offices in Jersey, London, the Cayman Islands, Singapore and Geneva.
Enhance provides investment consultancy, investment reporting, wealth consultancy and treasury services to trust companies, charities and private clients with Fintech at its core. It also continues to innovate and deliver long-term solutions based on technology but on the foundations of integrity, experience and professionalism.
Jon Ravenscroft, group chief executive officer at Ravenscroft and Investment Manager to the new Fund, said: ‘I’m delighted that the Fund has already made its first investments just weeks after launching. It underlines the opportunity and interest in a fund focused on the financial services sector based in well-regulated offshore financial centres. CORVID and Enhance Group are exceptional companies that offer investors great returns and we look forward to working with them to further develop their businesses.’
The Fund is regulated by the Guernsey Financial Services Commission and was listed on the Channel Islands Securities Exchange on Friday 7th October with a minimum capital of £30m. Its launch follows on from the success of Bailiwick Investments Limited and Channel Islands Property Fund.
