Guernsey-based Praxis Group and Jersey-based IFM Group have announced plans to merge and create one of the largest independent and owner-managed financial services groups headquartered in the Channel Islands.
With combined revenues of over £23 million, assets under administration of more than $30bn, nine offices around the world and over 200 people, PraxisIFM will offer private and corporate clients an increased range of services and a global footprint. Subject to regulatory approval, the new group will be known as PraxisIFM to reflect the merger of two existing businesses of a similar size with strong performance, proud histories and solid reputations.
‘As long-standing, independently-owned and managed businesses, Praxis and IFM share similar values and culture. Both businesses strive to offer excellent client service, added value and continuity of teams. These will remain at the heart of the PraxisIFM Group,’ said Brian Morris, who will become the merged group’s executive chairman.
PraxisIFM will continue to focus on delivering outstanding private client services, fund administration, corporate and trade services including cross-border trade facilitation, asset finance, pensions and treasury operations. PraxisIFM’s offices will be located in Guernsey, Jersey, Switzerland, Malta, Luxembourg, South Africa, New Zealand, Mauritius and Dubai, with representation in the UK.
Wyvern Partners have assisted with the transaction.