Sanne Group, an asset management company, completed the acquisition of the fund administration business of PraxisIFM Group, a financial services provider, for £54m. "Today marks the start of a new era for PraxisIFM, presenting the opportunity to leverage our strong reputation as a trusted partner and the deep skills and experience that exist across our international team. As we move into our 50th anniversary year, our increased focus on private wealth and corporate service clients, coupled with the ability to invest in our people and technology, provides a sound foundation from which to accelerate our growth. It also better equips us to meet the ever-changing needs of our clients by delivering new and innovative solutions," Iain Torrens, PraxisIFM Chairman.