Guernsey-based independent financial services group, PraxisIFM,
has expanded its fund administration division with the acquisition
of London-based closed-ended fund administrator, Cavendish
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
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
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
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