Guernsey’s Praxis Group Receives Regulatory Approval For Merger

The merger of Guernsey-based Praxis Group and Jersey-based IFM Group to create one of the largest independent and owner-managed financial services groups headquartered in the Channel Islands has been given regulatory approval.

In January, the two businesses, which have combined revenues of more than £23 million, assets under administration of more than US$30 billion, nine offices around the world and more than 200 people, announced they were planning to merge to offer their private and corporate clients an increased range of services and a global footprint.

"We are obviously delighted that the merger of the existing business, which both had proud histories and solid reputations, has received regulatory approval. Both companies already had successful futures ahead of them but we are much stronger as a merged entity and I know all of our teams are excited about the vision for the journey ahead of us," said Brian Morris, PraxisIFM Executive Chairman.