Approval for PraxisIFM Fund Admin sale to Sanne Group

Wednesday 08 December 2021

PraxisIFM Group has been given regulatory approval to complete the sale of its Fund Administration division to Sanne Group plc.

The all-cash deal, which is worth £54 million, was announced in July.

PraxisIFM Group, a global financial services business listed on The International Stock Exchange, decided to concentrate on growing and developing its core divisions of private wealth and corporate services. In a statement issued as the sale is set to go ahead, the firm said its core services have been "fundamental to the company since its formation in 1972".

Iain Torrens, Chairman and Non-Executive Director of PraxisIFM, said the sale "marks the start of a new era for PraxisIFM, presenting the opportunity to leverage our strong reputation as a trusted partner and the deep skills and experience that exist across our international team".

"As we move into our 50th anniversary year, our increased focus on private wealth and corporate service clients, coupled with the ability to invest in our people and technology, provides a sound foundation from which to accelerate our growth. It also better equips us to meet the ever-changing needs of our clients by delivering new and innovative solutions," said Mr Torrens.

"On behalf of the Board, I would like to extend our best wishes to the funds team as they embark on their new careers with Sanne.”

Robert Fearis, Chief Executive Officer of PraxisIFM, said the sale marked "a new chapter for our firm".

"Having completed this transaction, we can now concentrate our resources on our core offering, providing corporate clients, individuals and families across all our jurisdictions with a wide range of bespoke services. Our clients and our people remain at the heart of what we do as we build momentum around a new and exciting future for PraxisIFM," said Mr Fearis. 

Pictured: Iain Torrens, Chairman and Non-Executive Director of Praxis IFM.