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
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
"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.
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