The acquisition means that PraxisIFM will be able to offer administration services for onshore, as well as offshore, investment trusts giving clients additional flexibility.
The announcement follows last month’s expansion of its pension division Trireme Pension Services with the acquisition of Confiance Pension Services. Praxis also announced its intent to acquire Confiance Ltd.
Meeting client demand
Chris Gambrell, managing director of Praxis Fund Holdings, said the acquisition would meet demand from clients.
“Cavendish Administration Limited has 22 years of providing 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.
“For some time, we have been receiving enquiries for the provision of high quality administration services for onshore investment trusts to the same standard as similar offshore vehicles."
“For some time, we have been receiving enquiries for the provision of high quality administration services for onshore investment trusts to the same standard as similar offshore vehicles. Cavendish Administration Limited has a strong reputation for providing excellent service to its clients and I am delighted that that we can now satisfy these enquiries,” Gambrell said.
Consolidation and rebranding
Cavendish Administration, which has funds under administration in excess of £700m ($1.06bn, €996.2m), has a team of professionals who will all join PraxisIFM.
Cavendish’s offering will be rebranded under PraxisIFM Fund Services.
“We are delighted to join an entrepreneurial group that is renowned for client servicing of investment trusts. This will provide benefits to our existing clients and we look forward to assisting PraxisIFM’s clients and contacts with their UK based administration, and to the other opportunities that the PraxisIFM Group can provide,” said Cavendish Administration director Anthony Lee.
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 £23m. The group has more than 200 staff across 10 jurisdictions.
