Praxis Fund Services in Guernsey has signed an initial agreement to purchase Investec Administration Services in a deal expected to complete around late February.

Praxis Fund Services specialises in administration services for institutional funds with investment profiles ranging from property and private equity funds to hedge and fund of hedge funds.

Investec Administration Services is the administration provider arm of Investec Private Bank.

“I am excited by the new acquisition which demonstrates the continuing growth and commitment of Praxis to its international fund administration business”, said Praxis managing director Chris Gambrell, adding that there was a good cultural fit between the two companies.

The Praxis Group provides professional services including accounting, auditing, trust and company administration, fund administration and taxation, to private individuals and international corporate clients. 

Established in Guernsey in 1983, the group opened an office in Malta in September 2008 and is shortly to launch operations in Luxembourg.