PRAXIS FUND SERVICES in Guernsey has signed an agreement to purchase Investec Administration Services Ltd.

The completion of formal legal documents is expected to be finalised by the end of this month.

Praxis managing director Chris Gambrell (pictured) said he was excited by the acquisition.

He said it demonstrated continuing growth and the commitment of Praxis to its international fund-administration business.

‘Like Praxis, IASL has its roots in professional fund administration services and there is a good cultural fit between the companies with a strong focus on entrepreneurialism, energy and enthusiasm.

‘We share an emphasis on first-rate, professionally-qualified people demonstrating expertise and commitment focusing on our core funds markets.’

IASL staff will remain in NatWest House until the completion of the sale, at which time they will move to Praxis in Le Truchot. That is expected to happen late in February.