PraxisIFM Group has today announced that Iain Torrens has been appointed as Chairman and a Non-Executive Director with effect from 1 September 2021.

Iain will be based in the UK where he will retain his role as Chief Executive Officer of Faro Capital, an investment firm focused on the ownership and transformation of UK real estate and corporate assets.

The appointment comes at a key development stage for the independent financial services group as it moves into a new era. Earlier this month PraxisIFM announced plans to focus on its core areas of Private Wealth and Corporate services. The change in strategy follows the sale of its Funds division to Sanne Group, which has now been approved by shareholders (and is subject to regulatory approvals).

The Group has operated in the trust sector in Jersey since 1972 and employs around 85 staff in the island.

A Fellow of The Institute of Chartered Accountants in Ireland, Iain has held a number of senior positions in both listed and private businesses across a wide variety of sectors from industrial and shipping through to financial services and telecoms. Prior to Faro Capital, Iain was the Chief Financial Officer for the UK’s fourth largest telecom provider – Talk Talk. He also spent eight years at global inter-broker dealer ICAP, holding a number of key senior roles. He was a member of ICAP’s Board as well as its Audit and Risk committees and chaired the Group Operating Committee and Group Risk and Capital Committee.

PraxisIFM Chief Executive Officer Robert Fearis said: ‘Iain is a fantastic addition to our Board and will make an excellent Chairman. His experience across different sectors, roles and company sizes will be hugely beneficial in steering the Group through this exciting strategic change. We wish him every success in his new role and look forward to working together to further define and execute our strategies.’

Iain said: ‘I’m delighted to be joining the Board at a very exciting and pivotal time for the PraxisIFM Group. From my first meetings, I have been impressed by the passion to put the client first and as the business refocuses on the private wealth and corporate sectors, I am looking forward to working with Rob and his team to continue to develop the customer service and to position PraxisIFM as one of the world’s leading professional services firms.’

Iain takes over the role from Andrew Haining, who previously held the position for four years.