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. With combined revenues of over £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.
PraxisIFM will continue to focus on delivering 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.
The company will be led by a group-wide board of directors, headed by Brian Morris (pictured right) as Executive Chairman, with Simon Thornton (left) as CEO.
"Unlike many other businesses in our sector, we will remain truly independent – something which many clients and their professional advisers really value," said Morris.
Wyvern Partners assisted with the transaction.