PraxisIFM has announced plans to expand further with the acquisition of Confiance Limited for an undisclosed sum.
Earlier this month PraxisIFM revealed it was expanding its pensions division, Trireme Pension Services, with the acquisition of Confiance Pension Services. The proposed acquisition of Confiance Limited will give PraxisIFM more than $42 billion assets under administration, revenues of over £28 million and around 230 staff across 10 jurisdictions.
‘Not only will we acquire the business, we will also be delighted to offer new contracts to Confiance’s employees who will benefit from enhanced career prospects, training and development. We hope to welcome each one of them to the global PraxisIFM family and are confident in their ability to help us manage and grow the business,’ said Simon Thornton, CEO of PraxisIFM Group
‘This will also ensure that there will be no immediate change in the company’s relationship with any of its clients as the team whom they know and have worked with will remain and will continue to focus on delivering an outstanding service.’
On Monday, the Guernsey Financial Services Commission announced that following a review of Confiance Limited’s operations a number of concerns had been raised.
‘The GFSC, in its findings, has highlighted certain regulatory issues and we will be working with all relevant bodies to address and rectify those concerns. We are confident that we can achieve that with minimal disruption to clients, who will benefit from the peace of mind of being part of PraxisIFM and have access to an increased number of services and a wider range of jurisdictions,’ said Dr Thornton.
Confiance Limited director Paul Blackwell said being acquired by PraxisIFM would be positive for both employees and clients.
FOR MORE INFORMATION CONTACT:
Director, Confiance Limited
Tel: +44 (0) 1481 746480
Managing Director, PraxisIFM Trust Limited
Tel: +44 1481 737600