PraxisIFM acquires Balmor Management to boost Middle East growth
PraxisIFM has acquired a Geneva-based fiduciary and accounting company Balmor Management SA, whichspecialises in providing services primarily to Middle East clients.
Balmor’s founder Hakim Berhoune will join the existing PraxisIFM’s team in Geneva, and has already joined the board of PraxisIFM Trust SA in Geneva.
Brian Morris, chairman of PraxisIFM, said: “With more than fourteen years of experience in the fiduciary services area, Hakim has extensive contacts and is an Arabic speaker.”
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 $42 billion and revenues of over ¬£28 million. The group has more than 250 staff across ten jurisdictions.
Pictured from left:Caroline Bennett-Akkaya, director PraxisIFM Trust SA, Hakim Berhoune, and Martyn Crespel, managing director PraxisIFM Trust SA.