Last week PraxisIFM confirmed that it is expanding its pensions division, Trireme Pension Services, with the acquisition of Confiance Pension Services.
The acquisition of Confiance Ltd, which was announced on Wednesday and is subject to final regulatory approval, will reportedly give PraxisIFM more than $42bn (£27.4bn, €38bn) in assets under administration, revenue in excess of £28m, and approximately 230 members of staff across 10 jurisdictions.
“Not only will we acquire the business, we will also be delighted to offer new contracts to Confiance’s employees who will benefit from enhanced career prospects, training and development. We hope to welcome each one of them to the global PraxisIFM family and are confident in their ability to help us manage and grow the business,” said Simon Thornton, CEO of PraxisIFM Group
“This will also ensure that there will be no immediate change in the company’s relationship with any of its clients as the team whom they know and have worked with will remain and will continue to focus on delivering an outstanding service.”
"We hope to welcome each one of them to the global PraxisIFM family and are confident in their ability to help us manage and grow the business.”
On Monday, the Guernsey Financial Services Commission (GFSC) announced that following a review of Confiance’s operations a number of concerns had been raised; specifically about the company’s systems and controls.
PraxisIFM, however, is confident that these concerns are not a reflection of the directors and staff of the company and that the issues can be rectified with minimal disruption to client services.
“The GFSC, in its findings, has highlighted certain regulatory issues and we will be working with all relevant bodies to address and rectify those concerns. We are confident that we can achieve that with minimal disruption to clients, who will benefit from the peace of mind of being part of PraxisIFM and have access to an increased number of services and a wider range of jurisdictions,” Thornton added.
Confiance director Paul Blackwell said being acquired by PraxisIFM would be positive for both employees and clients. Both Blackwell and fellow director Richard Garrod will join PraxisIFM.