"This merger will enable us to maximise the potential of our people for our clients’ benefit, add to our existing specialisms and services, and create exciting new opportunities," Simon Thornton, CEO, PraxisIFM.
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Guernsey-based Praxis Group and Jersey-based IFM Group have announced plans to merge their businesses aiming to reinforce their footprint in the Channel Islands.
Subject to regulatory approval, the new group will be branded as PraxisIFM and will offer private and corporate clients an "increased range of services."
Subsequently to the deal, combined revenues at the new firm will be over £23m, with assets under administration at $30bn, nine offices around the world and over 200 staff.
Brian Morris, the merged group’s executive chairman said:"As long-standing, independently-owned and managed businesses, Praxis and IFM share similar values and culture. Both businesses strive to offer excellent client service, added value and continuity of teams. These will remain at the heart of the PraxisIFM Group."
Morris also said the group would be genuinely independent, something which was important to many lawyers, accountants and other advisers and their clients.
PraxisIFM will continue to focus on delivering outstanding 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, Dubai, and in the UK.
The new firm’s CEO, Simon Thornton, formerly managing director at The Praxis Group, said: "At the heart of our merger are our clients. At the heart of any client relationship are our people.
"This merger will enable us to maximise the potential of our people for our clients’ benefit, add to our existing specialisms and services, and create exciting new opportunities."
