PraxisIFM has acquired the yacht ownership services business of Abacus Trust Group in Malta, expanding its Private Client and Corporate division.
As a result of the acquisition, PraxisIFM will now be able to offer yacht ownership solutions and crew employment services, helping yacht owners understand the requirements associated with luxury asset ownership, while providing a secure financial structure for operation and management.
As part of the acquisition, Client Director Alex Beetham has joined PraxisIFM. Based in Malta and with over 15 years’ experience in corporate services in the Isle of Man, Malta and London, Alex joins the Private Client and Corporate team as a Director, leading the coordination and development of the group’s corporate administration of yacht ownership structures services.
Andrew Heraghty, Managing Director of PraxisIFM Trust in Malta, said: "This is an exciting development for the group as we expand our service offering to clients. In light of a testing period adapting to and navigating the effects of the pandemic, the acquisition is a great reflection of our confidence in the market and of the importance we place on client service."
No financial details of the transaction were disclosed.
Pictured: Andrew Heraghty (left) and Alex Beetham