Sanne has acquired the PraxisIFM fund business for a reported £50 million.
The acquisition adds more than £25 billion of assets under administration to the Sanne group, as well as 80 employees to the business.
The transaction is dependent on regulatory approval and is expected to complete in Q4 2021.
Sanne has offices located in Guernsey, Jersey, London, Luxembourg and Malta.
Martin Schnaier, CEO at Sanne said: “The acquisition of the PraxisIFM Funds Business is a perfect addition to our group as it strengthens our fund offering in a number of our core European locations. It further demonstrates our continued strategic ambition to expand our client service offering. The PraxisIFM funds business has excellent fund professionals and clients and we look forward to welcoming them all to Sanne.”
Robert Fearis, CEO of PraxisIFM Funds business commented: “PraxisIFM Funds Administration division is a great business that we have built since 2005 and in recommending this deal to our shareholders we plan to maximise the opportunities that are presented.”
He added: “This transaction enables our highly regarded fund business, that we have established over the years, to move to a global fund specialist, which can grow it further. Our clients and staff will directly benefit from Sanne’s professionalism, innovation and quality, continuing on from the excellent practice our team has built.”
