THE PraxisIFM Group has expanded its fund administration division with the acquisition of London-based closed-ended fund administrator, Cavendish Administration.
The acquisition means that PraxisIFM will be able to offer administration services for onshore as well as offshore investment trusts. It follows last month’s announcement of the Group’s intention to acquire Confiance and the expansion of its pension division Trireme Pension Services, with the acquisition of Confiance Pension Services.
Cavendish Administration provides a comprehensive range of support services including administration, secretarial, management accounting and compliance work mainly to closed-end investment trusts listed on the London Stock Exchange, including those traded on AIM.
Cavendish Administration has funds under administration in excess of £700 million, and its team will all join PraxisIFM. Cavendish’s offering will be rebranded under PraxisIFM Fund Services.
The acquisition means PraxisIFM, 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 $30bn and revenues of over £23 million. The group has more than 200 staff across 10 jurisdictions.