Praxis returns to fund administration in Jersey following regulatory approval
Praxis, an independent global provider of corporate services and private wealth solutions, has re-entered the Jersey fund administration market after securing its Jersey Fund Services Business Licence (FSB Licence).
Building on its established fund administration presence in Abu Dhabi Global Market (ADGM), this strategic expansion enhances Praxis' fund services capabilities and reinforces its commitment to delivering boutique, high-touch support to fund managers and investors worldwide.
Praxis has a strong heritage in the fund administration space. It previously built a successful global funds division focused on large institutional and listed funds, which was sold in 2021. The Group’s re-entry into the funds market is a strategic move designed to meet the growing demand for high-quality, independent administration services and expand on the Jersey Private Funds already being serviced under its trustee licence.
Ava Fairclough, Group Head of Corporate & Funds at Praxis, said: “Receiving our FSB Licence marks a pivotal moment for Praxis as we strengthen our fund administration capabilities.
“In an increasingly consolidated market, clients tell us they want more than scale – they want partners who know them, understand their ambitions, and respond with agility. That’s exactly what Praxis delivers. With a highly experienced team and a commitment to innovation, combined with our 50-year pedigree in the private wealth space, we look forward to delivering exceptional service in fund administration, with a core focus on UHNWIs, families and family offices along with start-ups, emerging fund managers, and small to mid-cap promoters.”
The local team is led by Gavin Carruthers, who has over 20 years of experience in offshore financial services with a focus on funds, corporate, real estate and structured finance. Before joining Praxis, Gavin held senior roles as head of fund administration services for international fiduciary providers and has served as a director of private equity, venture capital and real estate funds in Jersey and the Cayman Islands.
Commenting on the launch, Gavin said: “Praxis’ return to the Jersey funds market marks an exciting new chapter in our offering. Our combination of industry-leading expertise, innovative technology and a client-first approach ensures we can support fund managers and investors across the entire fund lifecycle.
“The emerging and mid-sized fund managers we work with want a partner who grows with them. By combining deep experience with tailored solutions, Praxis offers the responsiveness and bespoke service that can make the critical difference.”
The recent Monterey Jersey Fund Report highlights the evolving nature of Jersey’s funds industry and its attraction as a jurisdiction of choice for asset managers. Interest is being driven by private equity and venture capital activity together with a growing private debt market.
Praxis’ fund administration services are augmented by the award-winning, market-leading alternative investment software platform Allvue, ensuring robust, efficient and scalable solutions for clients. By integrating cutting-edge technology with deep industry expertise, Praxis offers streamlined reporting, compliance support and tailored fund structuring services, enabling clients to optimise value at every stage.
The operation in Jersey complements Praxis’ existing fund administration services in the Middle East, where it is the longest-running ADGM Financial Services Regulatory Authority-regulated provider of fund administration services and one of only two licensed trustee firms in ADGM authorised to deal with retail investors.
In Jersey, Praxis has provided private wealth and corporate administration services for over 50 years and is one of the largest independent providers. It employs around 90 staff locally and 400 people across its global network.