Fri, Oct 24, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Acquisition will see first Brazilian corporation establish Guernsey base

Tuesday, May 06, 2014
Opalesque Industry Update - Agreement has been reached in principle for Guernsey fund administration firm Fund Corporation to be acquired by Brazilian emerging markets specialist Providence Financial, subject to regulatory approval.

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 wide 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 , who will continue to head up the Guernsey operation and also be responsible for the London office, said: “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.

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   

Banner

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Commodities - Oil wreaking havoc on small-cap energy stocks sliding 36%[more]

    From Bloomberg.com: Owning almost anything in the U.S. stock market has been a losing proposition since September. Owning smaller energy companies has been a catastrophe. Hercules Offshore Inc. and Resolute Energy Corp. are among 19 oil-and-gas equities in the Russell 2000 Index that lost more than

  2. Investing - Hedge funds favor equity long/short, Strategic bond managers hedge against further high yield sell-off[more]

    Hedge funds favor equity long/short From Securitieslendingtimes.com: Equity long/short strategies will generate good returns for hedge funds in the future, according to a panel at this year’s Risk Management Association Conference on Securities Lending in Naples, Florida. Panellists Sand

  3. Legal - Ex-hedge fund analyst weeps as judge hands down 5 year sentence, Former Columbus investment manager Steven P. Moore indicted on theft charges, SEBI confirms ban for Hong Kong hedge fund, SEC announces enforcement action against compliance officer[more]

    Ex-hedge fund analyst weeps as judge hands down 5 year sentence From Hereisthecity.com: An ex-hedge fund analyst was sentenced to 5 years in prison for his role in insider-trading scheme. The New York Post reports that former hedge fund analyst Matthew Teeple was sentenced Thursday to fiv

  4. Goldman in talks to acquire IndexIQ[more]

    From Bloomberg.com: Can Goldman Sachs put ETF investors on a liquid diet? Goldman is in talks to acquire IndexIQ, Reuters has reported. Index IQ is a small exchange-traded-fund firm known mostly for products that replicate hedge fund strategies, called "liquid alternative" ETFs. While IndexIQ has 11

  5. Other Voices: CALPERS dilemma should be a warning to hedge funds wanting institutional investors[more]

    From Ian Hamilton, founder of IDS Group. A quick comment on the CALPERS’ disinvestment from the hedge fund market and the jitters it is causing. Pension Funds should not be sheep and follow CALPERS’ decision as the issues that CALPERS has with hedge fund investments are in many ways unique t