2018 eprivateclient Top Trust Company PraxisIFM has acquired Nerine Group of Fiduciaries.
It is the fourth acquisition in two years for Channel Islands-based PraxisIFM which has seen it grow from employing 300 staff in the summer of 2017 to 520 following completion of the acquisition.
Nerine – which also featured in the 2018 eprivateclient trust rankings - was established in 1997 and provides private client and corporate administration services to an international client base. The majority of its 92 staff are employed in Guernsey.
PraxisIFM’s chief executive, Simon Thornton, said the deal would bring together like-minded teams.
“In a world where so many of our competitors are owned by private equity houses or large institutions our continued independence and majority staff ownership model is highly valued,” said Dr Thornton. “We have known the team at Nerine for many years and we’re delighted they’re joining us. Nerine will take our international office network to 15 and increase the depth of our client service offering.”
Nerine executive chairman, Keith Corbin, said that joining the PraxisIFM Group would bring benefits to staff and clients.
“Nerine’s business has been built on long-term relationships with our clients and their professional advisers and our staff. PraxisIFM has the same approach to its business which was a key factor in our decision to join the PraxisIFM Group,” Mr Corbin said. “We are now in a highly competitive and highly regulated industry and we strongly believe that being part of a larger and more diverse group will enable us to retain our much-valued independence.”
The Nerine management team has committed to staying with PraxisIFM Group for a minimum of three years.
PraxisIFM was advised by law firm Appleby while Mourant acted on behalf of Nerine.
The acquisition is subject to regulatory approval.
|RATE THIS ARTICLE|
THIS WEEK'S TOP STORIES
PAM (Private Asset Managers) and its sister website PAMonline combine to provide "...the best guide available to the leading firms in private client fund management" (FINANCIAL TIMES). PAM compares managers on a level playing field by key data such as fees and charges, minimum investment thresholds and so on.