Craig adds a quarter of a century of experience to Praxis’ yacht services team

Independent private wealth and corporate services group Praxis has appointed yacht ownership specialist Craig Allen to a newly created role in its growing yacht services division.

As Head of Yacht Ownership, Craig will leverage 25 years of experience in offshore wealth management, including a decade focused on yacht ownership. Based in Guernsey, he will collaborate with the yacht services team and his wider colleagues across the Group to deliver a full range of solutions across the Group’s three pillar model that provides end-to-end yacht ownership, yacht management and crew management services.

With ownership and operation both highly regulated, the specialist team works with clients and advisers to select the most appropriate structure and jurisdiction for incorporation, managing the entire process from setup to the ongoing administration of the corporate yacht-owning entity. Segregation of ownership provides considerable asset protection benefits together with compliance with regulations and maritime law.

Craig said his experience spanning the lifecycle from acquisitions to sales has given him invaluable insight into the challenges and considerations of each phase of ownership. ‘Throughout my career, I have been fortunate to collaborate with and learn from a broad spectrum of talented individuals, and the team at Praxis is very well-regarded in our sector. I am excited for the opportunity to work alongside them to strengthen our relationships with our yacht owners, lawyers, brokers and captains.

The appointment enables colleague and Director, Bruce Maltwood, to dedicate more time to business development, with a focus on new client acquisition in existing and emerging wealth hotspots, where luxury yacht ownership is forecast to increase. ‘It’s an exciting time for our team as we continue to focus on new partnerships and services,’ said Bruce. ‘After more than 30 years in the industry I’m looking forward to the next chapter with Praxis and I’m delighted to welcome Craig to the team.’

Lee Madgewick, Group Head of Yacht Services, highlighted the division’s busy start to the year, with a new range of packaged solutions having been rolled out across crew employment & payroll and safety management. ‘The creation of Craig's role reflects our continued investment into the team and our optimism about the continuing upward trajectory of this asset class, in all our markets,’ said Lee.