The financial services provider has bought a Switzerland-based firm that focuses on the Middle East market.

Channel Islands-headquartered financial services group PraxisIFM, which focuses on clients such as family offices and high net worth individuals, has acquired Balmor Management, a Geneva-based company that will help its new owner to expand in the Middle East, it said today. 

Balmor specialises in providing family office and fiduciary services primarily to clients in the Middle East. The firm’s founder, Hakim Berhoune, will join the existing PraxisIFM team in Geneva, focusing on business development and client relationships. Berhoune has also joined the board of PraxisIFM Trust in Geneva. 

“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," Brian Morris, chairman of PraxisIFM, said in a statement. 

Financial terms of the acquisition were not disclosed. 

PraxisIFM has assets under administration of more than $42 billion; it employs more than 250 staff across 10 jurisdictions.