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Channel Islands financial services group PraxisIFM has purchased Jeffcote Donnison’s trust and corporate administration business.
The acquisition is the fifth for the company in just 10 months.
The deal adds the Isle of Man to the independent financial services group’s list of global jurisdictions and also extends its existing operations in London and Hong Kong.
The acquisition of Jeffcote Donnison’s (JD) UK corporate administration, bookkeeping, VAT preparation and payroll compliance business includes 19 staff across the three locations who will all transfer to PraxisIFM.
Simon Thornton (pictured), PraxisIFM Group Chief Executive Officer, said the deal was a natural fit for both parties. "I’m delighted that we will be able to build on our UK onshore presence which has already exceeded our expectations for the first six months of business," he added.
"The acquisition also gives us a presence in the Isle of Man, expanding our global reach further. PraxisIFM and JD have worked together to provide corporate services to mutual clients over many years and share similar values and cultures. Our clients will benefit from an expanded range of services."
Philip Donnison, JD Founder, added: "We’ve both built our businesses on independence and excellence of service and following the integration this will become even stronger," said Mr Donnison. "Clients will have access to a wider range of services and our staff will be offered more training and development opportunities."
Mr Donnison will be a Director of PraxisIFM JD, alongside JD Partner, Pheroze Sorabjee, and Robert Fearis, Group Head of Trust Services and Donna Shorto, Managing Director of PraxisIFM Corporate Services (UK).
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