Sanne’s Guernsey office is set to expand with the purchase of PraxisIFM’s funds business now completed.
The £54 million all-cash deal was originally announced in July but has now received regulatory approval, and sees alternative assets and corporate services provider Sanne Group plc acquire the Fund Administration division of PraxisIFM – which is listed on The International Stock Exchange, headquartered in Guernsey.
PraxisIFM will concentrate on growing and developing its core divisions of Private Wealth and Corporate Services, continuing to invest in technology.
PraxisIFM Chief Executive Officer Robert Fearis said the deal marked a ‘new chapter’ for the firm.
“Having completed this transaction, we can now concentrate our resources on our core offering, providing corporate clients, individuals and families across all our jurisdictions with a wide range of bespoke services.
“Our clients and our people remain at the heart of what we do as we build momentum around a new and exciting future for PraxisIFM.”
Jonathan Ferrara, Managing Director, Channel Islands at Sanne, said:
“The acquisition of the Praxis Fund division adds to Sanne’s continued momentum in expanding and diversifying our client service proposition. The addition of the Praxis Fund business into our existing business will also provide further specialist expertise to our existing and new clients. We look forward to welcoming the team to Sanne.”
