Based in Geneva and with an office in Dubai, Balmor specialises in providing family office and fiduciary services to clients in the region.
Balmor’s founder Hakim Berhoune will join the existing PraxisIFM team in Geneva, focusing on business development and client relationships.
He will also become a member of the Praxis IFM board in Geneva.
“PraxisIFM has been looking to develop the Middle East market and the group’s capabilities will be enhanced by this acquisition and Hakim joining our team. With more than 14 years of experience in the fiduciary services area, Hakim has extensive contacts and is an Arabic speaker,’ said Brian Morris, chairman of PraxisIFM.
“PraxisIFM has been looking to develop the Middle East market and the group’s capabilities will be enhanced by this acquisition."
Berhoune said: “I founded my company in 2010 to provide a highly personal and professional service and I believe that PraxisIFM is a dynamic and growing business which is also focused on excellence. It’s great to join forces, and I’m looking forward to sharing my experience and skills to help the group expand in the Middle East.”
This marks a second acquisition for PraxisIFM’s this year, with the company having bought fiduciary and corporate governance consultancy Ampersand Management in April to enhance its presence in Switzerland and expand the company’s footprint in Africa.
The company also made three acquisitions in a two-month period last year.
PraxisIFM’s pensions division, Trireme Pension Services, acquired Confiance Pension Services in October, with the parent company buying financial services company Confiance Limited.
The following month, PraxisIFM acquired London-based closed-ended fund administrator Cavendish Administration.