Channel Islands' Praxis And IFM To Merge
by Jason Gorringe, Lowtax.net, London
02 February, 2015
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.
The two companies have combined revenues of more than GBP23m (USD34.64m) and over USD30bn in assets under administration. They provide private client services; fund administration; and corporate and trade services, including cross-border trade facilitation, asset finance, pensions, and treasury operations.
Subject to regulatory approval, the new group will be known as PraxisIFM. It will have nine offices, in Guernsey, Jersey, Switzerland, Malta, Luxembourg, South Africa, New Zealand, Mauritius, and Dubai, and will employ over 200 staff.
The future CEO of the merged company, Simon Thornton, said: "This merger will enable us to maximize the potential of our people for our clients' benefit, add to our existing specialisms and services, and create exciting new opportunities. 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."
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