The expansion of its well-established Jersey office follows 12% organic revenue growth across the Group’s established funds divisions during the last financial year, and reflects the ongoing attraction of Jersey’s fund sector. PraxisIFM has been providing trust services to corporate and private clients since 1972, and employs more than 70 staff in Jersey.
Headed by Managing Director, Pippa Davidson, Praxis Fund Services (Jersey) Limited is regulated by the Jersey Financial Services Commission and has made a number of key appointments over recent months. Mrs Davidson joined the Group from an independent fund administrator in the spring and is responsible for business development, as well as the day to day management of the Jersey funds business. She has more than 10 years’ financial services experience, including a background in compliance and building a fledgling funds business. Mrs Davidson has board level experience with regulated financial services firms, real estate, private equity and hedge funds.
‘Establishing the new funds business was a great opportunity to join an established, dynamic Group that has a clear growth strategy and a wide jurisdictional service offering,’ said Mrs Davidson. ‘Jersey continues to be at the forefront of the funds industry, with the latest figures recently issued by Jersey Finance continuing to demonstrate our competitive offering as a jurisdiction, with the popularity of products such as the Jersey Private Fund being particularly notable.
‘Our key industry contacts have been very receptive to our offering and we’re looking forward to working with them now and in the future.’
The new team’s latest appointment is Associate Director, Josh Farrow, who will manage the team on a day to day basis. He has more than 10 years’ industry experience having started his career at a Jersey firm, providing administration and accounting services to hedge funds. Mr Farrow also worked in its London office, gaining exposure to real estate funds and structures, before returning to the island in 2011 when he joined a large fund and trust company. Most recently he worked for a FTSE100 private equity manager responsible for day to day oversight of funds under management.
‘Josh brings with him great private equity experience and a good foundation in funds and I’m delighted that he has joined our growing team,’ said Mrs Davidson. Mr Farrow is supported day to day by Alex Evans, who joined the Group in the summer and provides dedicated proactive support to clients.
Group Chief Operating Officer, Kevin Scott, welcomed the new staff: ‘Our success depends on our ability to attract and retain high calibre, committed, people and so I’m delighted that Pippa, Josh and the team have joined our expanding Group,’ said Mr Scott.
The global financial services group was formed in April 2015 following the merger of Jersey-based trust company IFM and Guernsey-based Praxis. The Group currently employs 450 staff globally which will rise to 540 on completion of the acquisition of Nerine Trust, which was announced in June.