Aquisition boosts Praxis' growth plans
Praxis has acquired a specialist annuity provider to enhance its pension services offering.
The group which has grown strongly over the last three years has acquired Cavendish Corporate Investments PCC Limited. Cavendish was established by Mike Dewsnap and Martin Triggs in 2008 to provide specialist pension and annuity products from its base in Guernsey.
'Cavendish's products are extremely complementary to the pension business of Praxis. Praxis has administered Cavendish since its formation in 2008 and its clients and products are well known to the group. We're delighted that Mike Dewsnap will remain on the board of Cavendish and will continue to provide technical support to the company going forwards,' said Simon Thornton CEO of Praxis.
Mr Dewsnap said the team would continue to focus on delivering bespoke products and outstanding service to its clients.
'Praxis was a natural home for our business as they have been so closely involved with us since Cavendish's formation and we are delighted to be joining them and sharing our knowledge and experience' he said.
The acquisition means Praxis which is one of the largest independent and owner-managed financial services groups headquartered in the Channel Islands has assets under administration in excess of $42bn and revenues of over £30m. The group has around 300 staff across 10 jurisdictions.