PraxisIFM Group and Oak Group will start formal negotiations to combine their global businesses.
Upon completion of the deal, senior leaders from both firms will form the combined management team.
The combined unnamed group would have offices in 17 jurisdictions, a headcount of more than 700 people and be headquartered in Guernsey.
The proposed deal is subject to negotiation, due diligence, regulatory and shareholder approvals.
Established as Oak Group in 2019, the company specialises in private client, corporate and fund administration with offices in Guernsey, Isle of Man, Jersey, Luxembourg, Malta and Mauritius.
Originally founded in 1972, PraxisIFM is an independent, owner-managed, group of companies providing private client and corporate, fund and pension services.
World-class operation
Robert Fearis, PraxisIFM chief executive, said: “We believe that this deal will create a truly- significant independent financial services group.
“Oak Group is a well-respected and complementary specialist in the sector. We share the same culture, values and ambitions and joining together would place the combined company in the top tier of global offshore financial services providers.”
Stuart Platt-Ransom, chief executive of Oak, added: “It is ultimately about what the expanded platform will allow us to do for our clients and our employees.
“Increasingly our industry is catering to private and corporate clients with an international footprint and the joint business will enable us to offer them the global services they need through a single, personalised relationship.
“The objective of the combined business will be to continue its development into a world-class operation with strong operational and leading people strategies.”
