Financial service group PraxisIFM has purchased the trust and corporate administration business of London-based consultancy Jeffcote Donnison (JD).
The deal adds the Isle of Man to PraxisIFM’s jurisdictions and extends its operations in London and Hong Kong. The acquisition of JD’s UK corporate administration, bookkeeping, VAT preparation and payroll compliance business includes 19 staff across the three locations, who will all transfer to PraxisIFM.
PraxisIFM Group Chief Executive Officer Simon Thornton (pictured) said the deal was a natural fit for both parties. "I’m delighted we will be able to build on our UK onshore presence. PraxisIFM and JD have worked together to provide corporate services to mutual clients over many years and share similar values."
The deal was finalised on 15 August and integration will take place over the coming months. PraxisIFM now employs around 550 staff globally.
JD Founder Philip Donnison will become a Director of PraxisIFM JD, alongside JD Partner Pheroze Sorabjee and JD Group Head of Trust Services Robert Fearis, and Donna Shorto, Managing Director of PraxisIFM Corporate Services (UK).
Jeffcote Donnison will remain independent of PraxisIFM and will continue to operate in the UK tax advisory and accountancy business sectors.