PraxisIFM, a privately-held, Channel Islands-based professional services firm, said it has acquired Geneva-based Ampersand Management, in a move to establish itself in Switzerland, and expand into Africa.
Ampersand, also privately-held, is what it calls a “multi-disciplined fiduciary service” and corporate governance consultancy, founded in 2006, which recently established an office in Port Louis, Mauritius. It employs a staff of nine.
The purchase price and other terms of the deal weren’t given. However, in a statement PraxisIFM said the acquisition would give the newly-combined entity assets under administration in excess of US$42bn (£29.6bn) and annual sales of more than £28m.
It will also create a business with a staff of more than 250, operating across 10 jurisdictions, PraxisIFM said.
PraxisIFM was established by Jersey natives Martyn Crespel and Jean-Paul Le Cocq. In addition to Jersey, the company also has office in Guernsey, Luxembourg, Malta, Mauritius, South Africa, Switzerland, Dubai, New Zealand and the UK.
PraxisIFM chairman Brian Morris (left in photograph, with Crespel, centre, and PraxisIFM CEO Simon Thornton, right), said Ampersand’s range of services complemented his company’s offerings. He cited in particular its “significant experience working with families in the Gulf who have Sharia requirements but are also truly international”.
He added that PraxisIFM was committed to increasing its presence in Switzerland and growing its operational footprint into other parts of Africa from the Ampersand base there that it has acquired as part of the deal.