Regulators approve PraxisIFM merger
PraxisIFM – the company resulting from the merger of Guernsey based Praxis Group and Jersey based IFM Group – has received regulatory approval and will now look to rename its businesses globally.
The new group has over $30bn in assets under administration, and serves clients through nine offices employing some 200 people worldwide.
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 group’s focus remains private client services, fund administration, corporate and trade services, asset finance, pensions and treasury operations.
Brian Morris, PraxisIFM executive chairman and Simon Thornton, CEO (pictured) will head a group wide board of directors.