The merger of Guernsey-based Praxis Group and Jersey-based IFM Group has secured the go-ahead from regulators, which will lead to the creation of an independent and owner-managed financial services group named Praxis IFM based in the Channel Islands.
Following the approval, the trust operations will be renamed as PraxisIFM Trust in Guernsey and Jersey, and as PraxisIFM Trust in Switzerland.
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Guernsey-based Praxis Treasury Services will be rebranded as PraxisIFM Treasury Services, while the New Zealand and UK companies will be rebranded as PraxisIFM Trust and PraxisIFM Trust & Corporate Services.
Malta’s trust operation will eventually be renamed as PraxisIFM Trust. The names of the other operations will be unaltered.
PraxisIFM executive chairman Brian Morris said: "The name changes for the trust companies are designed to bring together our corporate and private client offerings, which are now available from an enhanced range of jurisdictions, under the new PraxisIFM group."
The new group will continue to focus on offering private client services, fund administration, corporate and trade services such as cross-border facilitation, asset finance, pensions and treasury operations.
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By GlobalDataIt will comprise a group-wide board of directors, led by Morris and CEO Simon Thornton.
