Channel Islands-based PraxisIFM has acquired Swiss fiduciary and accounting company Balmor Management, which specialises in providing family office and fiduciary services primarily to Middle East clients.
Hakim Berhoune, founder of Balmor, will join the existing PraxisIFM’s team in Geneva. He will focus on business development and client relationships.
Also, Berhoune has joined the board of PraxisIFM Trust in Geneva.
PraxisIFM chairman Brian Morris said: “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.”
Berhoune, who has a law degree and is STEP qualified, said both companies had a similar approach to service.
“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,” Berhoune added.
PraxisIFM has assets under administration in excess of $42bn and revenues of over £28m. The group has more than 250 staff across 10 jurisdictions.