PraxisIFM extends its Pension Servicing offering with acquisition of 50% stake in RiskCo Group
PraxisIFM is extending its pension servicing offering with the acquisition of a 50% stake in RiskCo Group in the Netherlands.
RiskCo develops systems for complex modelling and administration for pension funds and life insurers in Europe North America and Asia. As well as simplifying the administration processes the RiskCo systems can deal with complex regulatory reporting and forecasting requirements.
Dr Simon Thornton Chief Executive Officer of PraxisIFM said 'RiskCo excels in and stands out in its field for its ability to develop and implement technological solutions to complex administrative and modelling tasks. The management team of RiskCo has worked together for many years and we all have a shared vision of the opportunity to bring efficiencies to the pension administration market.'
RiskCo which is headquartered in Utrecht has 85 staff and offices in the Netherlands Portugal Philippines and the USA.
Cees Krijgsman CEO of RiskCo added that the two companies shared important qualities.
'The RiskCo culture matches well with PraxisIFM's services. Like us PraxisIFM focuses on a long-term view providing excellent service and highly values security and clients' trust. I have no doubt that PraxisIFM will be an excellent partner for us' he said.
PraxisIFM is acquiring 50% of RiskCo Group by way of a share exchange and a subscription for new shares in RiskCo to provide additional finance to RiskCo to fund its growth.
With more than 400 staff across multiple jurisdictions PraxisIFM is one of the largest independent and owner-managed financial services groups headquartered in the Channel Islands.Read company announcement