Financial services group, PraxisIFM, has received regulatory approval to complete the sale of its fund administration division to asset manager Sanne Group plc.

The all-cash deal totals £54 million and will see Sanne add over 80 employees and more than £25 billion of assets under administration to the business.

In a statement released by PraxisIFM, they made it clear that after the sale they will look to concentrate on growing and developing its core divisions of priva...