Financial services business PraxisIFM Group has today listed on The International Stock Exchange (TISE).
The Guernsey-registered business, which has assets under administration in excess of $40bn and operates across 10 jurisdictions, was listed with a market capitalisation of just over £89 million.
Simon Thornton, PraxisIFM’s chief executive officer, said the listing will ”broaden the group’s profile internationally and, in particular, within our target markets“. It will also provide the group with access to capital markets.
Appleby acted as Lead Counsel in both Jersey and Guernsey to PraxisIFM Group in relation to the listing, led by Andrew Weaver, Corporate Partner in Jersey, and supported by Kate Storey, Corporate Partner in Guernsey.
New board members
As a result of the listing, Andrew Haining and Iain Stokes join the PraxisIFM board as Non-Executive Chairman and Director respectively.
Andrew, who is Chairman of Channel Islands airline Aurigny, has extensive experience as a private equity investor and adviser. He co-founded Balmuir Partners in 2005 and was a founder investor in and subsequently CEO of London-based private equity fund manager Botts & Company.
Iain has extensive financial services experience following a career with BDO and Guernsey International Fund Managers (part of ING Barings) before joining Mourant’s corporate and fund services business in 2003.
As Mourant’s Group Managing Director, he was a member of the executive team that managed the sale of that business to State Street in 2010, where he was a Senior Managing Director until 2012.