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A Ravenscroft fund has increased its stake in PraxisIFM to 21.4% following its listing on TISE.
PraxisIFM is one of the largest independent financial services groups headquartered in the Channel Islands and the Guernsey-registered business listed on the international stock exchange last week.
Since then, the Financial Services Opportunities Investment Fund has acquired a further 12.4% of the issued share capital of PraxisIFM Group Limited.
Mel Carvill, Chairman of the Financial Services Opportunities Investment Fund, said: “PraxisIFM is exactly the type of business that the fund was set up to invest in. A great company providing a high level of bespoke professional services to a wide range of clients with a track record of profitable growth.”
The transaction follows the earlier acquisition by the fund of 9.0% of the group, which was originally established in 1972 and has assets under administration exceeding $40 billion and around 300 staff across 10 jurisdictions.
Jon Ravenscroft, group CEO at Ravenscroft, which acts as investment manager to the fund, added: "With offices in Guernsey, Jersey, Switzerland, Malta, Luxembourg, South Africa, New Zealand, Mauritius, UAE and the UK and with preferred partners in other locations, PraxisIFM is an extremely strong business to invest in."
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