The merger of Guernsey-based Praxis Group
and Jersey-based IFM Group to create one of the largest
independent and owner-managed financial services groups
headquartered in the Channel Islands has been given regulatory
In January, the two businesses, which have combined revenues of
more than £23 million, assets under administration of more
than US$30 billion, nine offices around the world and more than 200
people, announced they were planning to merge to offer their
private and corporate clients an increased range of services and a
"We are obviously delighted that the merger of the existing
business, which both had proud histories and solid reputations, has
received regulatory approval. Both companies already had successful
futures ahead of them but we are much stronger as a merged entity
and I know all of our teams are excited about the vision for the
journey ahead of us," said Brian Morris, PraxisIFM Executive
With immediate effect, the new group will be known as PraxisIFM.
In Guernsey and Jersey, the trust operations will change their
names to PraxisIFM Trust Limited and in Switzerland, to PraxisIFM
Trust SA. Praxis Treasury Services Limited, which is based in
Guernsey, will become PraxisIFM Treasury Services Limited. The
names of the New Zealand and UK companies will change to PraxisIFM
Trust (NZ) Limited and PraxisIFM Trust & Corporate Services
Limited, and in due course the trust operation in Malta will also
be known as PraxisIFM Trust Limited. The names of the other
operations will remain unchanged.
PraxisIFM will continue to focus on delivering outstanding
private client services, fund administration, corporate and trade
services including cross-border facilitation, asset finance,
pensions and treasury operations. It will be led by a group-wide
board of directors, headed by Mr Morris and chief executive officer
"Our independence, which we know is something our clients
and their professional advisers really value, gives us the freedom
to dictate the future of PraxisIFM," said Dr Thornton.
Observing a recent discussion between the children of a successful entrepreneur, I was reminded once again of the potential impact of family members being provided with differing information about the family enterprise.
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