Channel Islands financial services group PraxisIFM has purchased Jeffcote Donnison’s trust and corporate administration business in what is the company’s fifth acquisition in under 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, local newspaper Bailiwick Express reported.
Simon Thornton (pictured), PraxisIFM group chief executive, 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.”
“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,” he added.