PraxisIFM's fourth acquisition in 12 months strengthens Middle East position

05 April 2017

Guernsey-based independent financial services group PraxisIFM has completed its fourth acquisition in 12 months and strengthened its presence in the Middle East following the takeover of Ryland Gray.

The Dubai-based company, which was established there in 1995, will rebrand as PraxisIFM Consultancy FZE. It offers financial administration and corporate consultancy services across the Arab Gulf Cooperation Council States, and specialises in innovative structural financial solutions for corporate and institutional clients.

The team recently moved to Dubai Silicon Oasis and the business will continue to be led by Simon Fielder.

PraxisIFM Group Chief Executive Simon Thornton was pleased that the company had added to its long-established client base in the Middle East.

"Ryland Gray brings additional expertise, particularly in the area of employee benefit solutions, and bolsters our presence in the region," Mr Thornton said. "We see this as an important market for the group, and we are delighted to welcome founder Simon Fielder and his nine-strong team to PraxisIFM."

Mr Fielder thought that becoming part of the growing PraxisIFM group was positive for both Ryland Gray’s team and its clients.

"Our team will have greater opportunities for career progression and the opportunity to work across the group’s 10 different locations," he added. "Both Ryland Gray and PraxisIFM’s clients will benefit from local knowledge of the Middle East, additional expertise and an enhanced product range."

The acquisition of Ryland Gray follows PraxisIFM’s purchase of fiduciary and corporate governance consultancy Ampersand Management SA in April 2016, fiduciary and accounting company Balmor Management SA in Switzerland and Guernsey-based Cavendish Corporate Investments PCC Limited.

“Ryland Gray brings additional expertise, particularly in the area of employee benefit solutions, and bolsters our presence in the region. We see this as an important market for the group, and we are delighted to welcome founder Simon Fielder and his nine-strong team to Praxis IFM.”
PraxisIFM Chief Executive Simon Thornton

PraxisIFM is one of the largest independent and owner-managed financial services groups headquartered in the Channel Islands, with assets under administration in excess of $42bn and revenues of more than £30m. The group has around 300 staff across 10 jurisdictions.