PraxisIFM, a Guernsey-based independent financial services group, has purchased Cavendish Administration, a London-based closed-ended fund administrator, for an undisclosed amount to expand its fund administration unit.
The acquisition will allow PraxisIFM to provide administration services for onshore, as well as offshore, investment trusts giving clients additional flexibility.
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As part of the deal, Cavendish’s offering will be renamed under PraxisIFM Fund Services brand and its team of professionals who will all join PraxisIFM.
This deal comes after the group announced plans in October to acquire Confiance as well as boost its pension division Trireme Pension Services through the purchase of Confiance Pension Services.
PraxisIFM has assets under administration in excess of $30bn and revenues of over £23m and employs more than 200 staff across 10 jurisdictions.
Praxis Fund Holdings managing director Chris Gambrell said the acquisition is aimed meet demand from clients.
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By GlobalData"Cavendish Administration Limited has 22 years of providing a comprehensive range of support services including administration, secretarial, management accounting and compliance work mainly to closed-end investment trusts listed on the London Stock Exchange, including those traded on AIM," he added.
