Corporate and private wealth services provider Praxis will return to fund administration in Jersey following regulatory approval.
The firm has secured its Jersey Fund Services Business Licence, allowing it to build on its fund administration presence in Abu Dhabi Global Market.
Praxis previously built a global funds division focused on large institutional and listed funds, which was sold in 2021.
Its re-entry into the funds market is designed to “meet the growing demand for high-quality, independent administration services” and “expand on the Jersey Private Funds already being serviced under its trustee licence”, the firm said.
Ava Fairclough, Group Head of Corporate & Funds at Praxis, described receiving the FSB License as a “pivotal moment”.
“In an increasingly consolidated market, clients tell us they want more than scale – they want partners who know them, understand their ambitions, and respond with agility. That’s exactly what Praxis delivers,” she said.
The local team is led by Gavin Carruthers, who has over 20 years of experience in offshore financial services with a focus on funds, corporate, real estate and structured finance.
Before joining Praxis, Mr Carruthers held senior roles as head of fund administration services for international fiduciary providers and has served as a director of private equity, venture capital and real estate funds in Jersey and the Cayman Islands.
He said Praxis’ return to the Jersey funds market marks an “exciting new chapter” in its offering.
“The emerging and mid-sized fund managers we work with want a partner who grows with them,” added Mr Carruthers.
“By combining deep experience with tailored solutions, Praxis offers the responsiveness and bespoke service that can make the critical difference.”