Two financial services businesses in the Channel Islands, IFM Group and Praxis Group are to merge, with combined assets under administration of more than $30 billion and nine offices worldwide.

Two financial services businesses in the Channel Islands, IFM Group and Praxis Group are to merge, with combined assets under administration of more than $30 billion and nine offices worldwide.

Subject to regulatory approval, the new group will be known as PraxisIFM, the firms said in a joint statement. Praxis is based in Guernsey and IFM is in Jersey.

PraxisIFM will continue to focus on delivering private client services, fund administration, corporate and trade services including cross-border trade facilitation, asset finance, pensions and treasury operations.

The combined firm’s offices will be located in Guernsey, Jersey, Switzerland, Malta, Luxembourg, South Africa, New Zealand, Mauritius and Dubai, with representation in the UK. The company will be headed by Brian Morris, the enlarged firm’s executive chairman, and Simon Thornton, chief executive.