PraxisIFM-Oak merger talks end
A PROPOSED merger between two of Guernsey’s big finance sector firms is off.
Negotiations between PraxisFIM Group and Oak Group to bring the two businesses together have ended. The combined group would have had a headcount of more than 700 people in 17 jurisdictions – including hundreds of staff in Guernsey.
On its website, Oak Group confirmed talks had ended with PraxisIFM Group confirming the news in an update to the International Stock Exchange.
‘With a particularly unpredictable global economic backdrop, a number of unspecified hurdles have led to the cessation of discussions. Oak stated however, that it would continue to seek value-enhancing transactions to maintain and enhance its growth parabola into 2021 and beyond,’ said Oak on its website.
Stuart Platt-Ransom, chief executive officer of Oak, said: ‘This is a disappointing denouement for a period of close negotiation. Oak will however continue to concentrate on delivering its leading client offering and services while developing into a world-class enterprise with strong operational and leading people strategies.’
Oak’s senior management team also thanked all Oak and PraxisIFM colleagues and peers involved in the negotiations, notwithstanding the outcome.
PraxisIFM chief executive officer Robert Fearis said: ‘Both PraxisIFM and Oak have concluded that now is not the right time to combine the businesses and so negotiations have closed. Both companies recognise the significant benefits of a potential combination and are committed to reopening discussions in the future.’
In an update to the International Stock Exchange, he also said: ‘I would like to thank the teams involved for all their hard work on the project.’
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.
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.
