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PBEC Member Praxis-IFM – Global private client firm in talks to merge with Oak Group as part of its turnaround strategy after a poor annual result.

A NEW team heading one of Guernsey’s biggest financial services companies is helping turn around a financial loss – after ‘shortcomings’ in its acquisition strategy and organisational structure.

PraxisIFM chairman Andrew Haining noted how the senior management team, led by Rob Fearis – in place since early 2020 – had quickly drawn lessons from the previous three years and implemented a ‘considerable number of changes’. The measures should see a significant improvement in profit and cash conversion during 2020 and into the future. ‘The unforeseen external impact of Covid-19 globally has affected all of our operations in the last quarter of the year,’ Mr Haining also said.

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