Guernsey Press

Oak PraxisIFM merger talks

A MEGA merger of two of Guernsey’s biggest finance sector firms is on the cards.

Published
Oak and PraxisIFM merger talks: Stuart Platt-Ransom and Robert Fearis. (28593386)

PraxisIFM Group and Oak Group have announced that negotiations are underway to combine their global businesses. Heads of terms have been entered into, which enable both companies to start formal negotiations.

The combined group, whose name has yet to be announced, would have offices in 17 jurisdictions and a headcount of more than 700 people. Upon completion of the deal, senior leaders from both businesses will form the new combined management team and be headquartered in Guernsey.

Oak was established in 2019 and is a specialist in private client, corporate and fund administration. Through its constituent parts it has 20 years’ experience and grown rapidly across six jurisdictions with 200 employees worldwide - 92 of them in Guernsey.

Originally founded in 1972 PraxisIFM is an independent, owner-managed, group of companies providing private client and corporate, fund and pension services. It has more than 490 employees in 17 jurisdictions around the world – some 200 of those based in Guernsey.

PraxisIFM’s chief executive officer, Robert Fearis, said: ‘We believe that this deal will create a truly significant independent financial services group.

'Oak Group is a well-respected and complementary specialist in the sector. We share the same culture, values and ambitions and joining together would place the combined company in the top tier of global offshore financial services providers.’

Stuart Platt-Ransom, chief executive officer of Oak, added: ‘It is ultimately about what the expanded platform will allow us to do for our clients and our employees.

‘Increasingly our industry is catering to private and corporate clients with an international footprint and the joint business will enable us to offer them the global services they need through a single, personalised relationship.

'The objective of the combined business will be to continue its development into a world-class operation with strong operational and leading people strategies.'

The proposed deal is subject to negotiation, due diligence, regulatory and shareholder approvals.