Providence Financial acquires Fund Corporation 06 May 2014London Reporter: Stephen Durham
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Brazilian emerging markets specialist Providence Financial is moving into fund administration in Guernsey, after agreeing to acquire Fund Corporation.
All 10 Fund Corporation employees will join a newly-established Providence Financial Guernsey office.
Fund Corporation was founded in 2007 by the Trust Corporation Group and specialises in fund and investment administration across a range of asset classes and fund structures, particularly in assisting entrepreneurial clients looking to expand their operations with a proactive business partner.
Trust Corporation executive chairman and Fund Corporation director Michael Betley said: “Fund Corporation has worked with Providence Financial for some time and their acquisition of the business is a timely and effective way for them to establish a dedicated presence in Guernsey.”
“The transaction will result in Trust Corporation concentrating on its principal business focus since inception 11 years ago, that of handling complex and demanding client matters in the trust arena.”
Providence Financial is a global business, headquartered in London, with administrative hubs in Guernsey, Miami and Sao Paulo and significant operations in Brazil.
Paul Everitt, currently managing director of Fund Corporation, will continue to head up the Guernsey operation and also be responsible for the London office.
Everitt commented: “As a service provider we discovered that we shared our client’s vision of the future. This is an exciting opportunity as Providence Financial is aspirational about growing its Guernsey business.”
“Guernsey has been chosen as the offshore hub for what will become a global integrated financial services platform and we look forward to the impetus that this will provide for the fund administration team.”
Trust Corporation will continue to employ 25 people at Kings House, its premises in the Grange.
The deal, agreed in principle, is subject to regulatory approval, and the financial details of the transaction were not disclosed.
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