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 approval.
In January, the two businesses, which have combined revenues of over £23 million, assets under administration of more than $30bn, nine offices around the world and over 200 people, announced they were planning to merge to offer their private and corporate clients an increased range of services and a global footprint.
‘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 chairman.
With immediate effect, the new group will be known as Praxis IFM. 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.
‘The name changes for the trust companies are designed to bring together our corporate and private client offerings, which are now available from an enhanced range of jurisdictions, under the new PraxisIFM group. Our new name and brand reflects the history and reputations of both Praxis and IFM which are important foundations for our future growth,’ said Mr Morris.
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 Simon Thornton.
‘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. We have loyal clients and an exceptionally talented team and we want to ensure that we continue to focus on our strengths while at the same time identifying new services that will benefit our clients and create opportunities for our people,’ said Dr Thornton.