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.
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. With combined revenues of more than £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.
"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. Nearly two-thirds of the group's people are professionally qualified or working towards qualification.
It will be led by a group-wide board of directors, headed by Mr Morris and Chief Executive Officer Simon Thornton.
Mr Morris said the Group would be genuinely independent, something which was important to many lawyers, accountants and other advisers and their clients.
"Both businesses are enjoying strong growth. With an increasingly global market, this merger means that the new PraxisIFM Group can significantly increase the range of products, services and jurisdictions offered to all clients. We will continue to focus on our core strengths whilst at the same time increasing our overall service offering, investing in clients' future needs, and providing more career opportunities for our people," he said.
"Unlike many other businesses in our sector, we will remain truly independent - something which many clients and their professional advisers really value."
Dr Thornton said the wealth of talent within PraxisIFM would strengthen its client offering.
"At the heart of our merger are our clients. At the heart of any client relationship are our people. This merger will enable us to maximise the potential of our people for our clients' benefit, add to our existing specialisms and services, and create exciting new opportunities," he said.
"Both existing businesses are dynamic and enterprising. That is the very nature of them. PraxisIFM will be even more so - building on strong foundations laid down over the past 40 years and with exciting opportunities ahead."
Wyvern Partners have assisted with the transaction.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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