Guernsey-based independent financial services group, PraxisIFM, has expanded its fund administration division with the acquisition of London-based closed-ended fund administrator, Cavendish Administration Limited.
The acquisition means that PraxisIFM will be able to offer administration services for onshore as well as offshore investment trusts giving clients additional flexibility. It follows last month's announcement of the Group's intention to acquire Confiance Limited and the expansion of its pension division Trireme Pension Services, with the acquisition of Confiance Pension Services.
Chris Gambrell, Managing Director of Praxis Fund Holdings Limited, said the acquisition would meet demand from clients.
"Cavendish Administration Limited has 22 years of providing a comprehensive range of support services including administration, secretarial, management accounting and compliance work mainly to closed-end investment trusts listed on the London Stock Exchange, including those traded on AIM.
"For some time, we have been receiving enquiries for the provision of high quality administration services for onshore investment trusts to the same standard as similar offshore vehicles. Cavendish Administration Limited has a strong reputation for providing excellent service to its clients and I am delighted that that we can now satisfy these enquiries."
Cavendish Administration Limited, which has funds under administration in excess of £700 million, has a team of highly qualified professionals who will all join PraxisIFM. Cavendish's offering will be rebranded under PraxisIFM Fund Services.
Anthony Lee, Director of Cavendish Administration Limited, said: "We are delighted to join an entrepreneurial group that is renowned for client servicing of investment trusts. This will provide benefits to our existing clients and we look forward to assisting PraxisIFM's clients and contacts with their UK based administration, and to the other opportunities that the PraxisIFM Group can provide."
The acquisition means PraxisIFM, which is one of the largest independent and owner-managed financial services groups headquartered in the Channel Islands, has assets under administration in excess of $30 billion and revenues of more than £23 million. The Group has more than 200 staff across 10 jurisdictions.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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