Appleby acted as Jersey and Guernsey counsel to the IFM Group in relation to its merger with Guernsey based Praxis Holdings Limited. The merger is subject to regulatory approval. The newly created group, to be named PraxisIFM, will have combined revenues of over £23 million, more than $30 billion assets under administration and employ over 200 people in nine offices around the world, making PraxisIFM one of the largest independent and owner-managed financial services groups headquartered in the Channel Islands.
The new group, PraxisIFM, will be able to significantly increase the range of products, services and jurisdictions offered to its clients. The group will have offices in Jersey, Guernsey, Switzerland, Malta, Luxembourg, South Africa, New Zealand, Mauritius and Dubai and representation in the UK.
The Appleby team was led by Wendy Benjamin, Partner and Appleby’s Corporate Practice Group Head in Jersey, who was supported by Jersey Senior Associate, Danny Cole. Kate Storey, Counsel, led the advice in Guernsey.
Commenting on the acquisition, Wendy Benjamin said: “We are pleased to have assisted IFM in the merger and believe that the combined group will continue to develop and grow.”