PraxisIFM and Oak announce plans to form new expanded financial services group
PraxisIFM Group (PraxisIFM) and Oak Group (Oak) have announced that negotiations are underway to combine their global businesses.
Heads of Terms have been entered into which enable both companiesto start formal negotiations.The combined Group whose name has yet to be announced would have offices in 17 jurisdictions and a headcount of more than 700 people. Upon completion of the deal senior leaders from both businesses will form the new combined management team and be headquartered in Guernsey.
Established as Oak Group in 2019 the company has a rich heritage through its constituent consolidated businesses: Oak Trust Group Consortia Partnership Kreston IOM and International Administration Group. Oak a specialist in private client corporate and fund administration has 20 years' experience and grown rapidly across six jurisdictions with 200 employees worldwide.
Originally founded in 1972 PraxisIFM is an independent owner-managed group of companies providing private client and corporate fund and pension services. PraxisIFM listed on TISE in 2017 and since then has acquired a number of businesses including Nerine Group and Jeffcote Donnison. It has more than 490 employees in 17 jurisdictions around the world.
PraxisIFM's Chief Executive OfficerRobert Fearissaid:'We believe that this deal will create a truly significant independent financial services group.
'Oak Group is a well-respected and complementary specialist in the sector. We share the same culture values and ambitions and joining together would place the combined company in the top tier of global offshorefinancial services providers.'
'It is ultimately about what the expanded platform will allow us to do for our clients and our employees' added Stuart Platt-RansomCEOof Oak.
'Increasingly our industry is catering to private and corporate clients with an international footprint and thejoint business will enable us to offer them the global services they need through a single personalised relationship.
'The objective of the combined business will be to continue its development into a world-class operation withstrong operational and leading people strategies.'
The proposed deal is subject to negotiation due diligence regulatory and shareholder approvals.