Thu, Mar 5, 2015
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   |   
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. SkyBridge opens office in Palm Beach County[more]

    Where better for a southern location than South Florida? SkyBridge Capital, which is headquartered in New York, has opened an office in Palm Beach Gardens. Palm Beach Gardens is a "Signature City" in northern Palm Beach County, with a population of around 49,000.

  2. Outlook - Philippe Jordan predicts 'alternative beta' to displace hedge funds, Stan Druckenmiller says Europe, Japan stocks will outpace U.S.[more]

    Philippe Jordan predicts 'alternative beta' to displace hedge funds From Investordaily.com.au: The disappointing performance of hedge funds in recent years is a result of "too much money chasing too little alpha", argues Capital Fund Management. Speaking to InvestorDaily, CFM partner Phi

  3. Investing - As rig count falls, hedge funds pile into long crude futures, Parus tactically shifts long/short exposure ratios, Mario Draghi outflanking Kuroda as bearish euro bets surge, Prime Capital’s 500.com bet derailed after 41% drop[more]

    As rig count falls, hedge funds pile into long crude futures From 247wallst.com: In the week ended February 27, the total number of rigs drilling for oil in the United States came in at 986, compared with 1,019 in the prior week and 1,430 a year ago. Including 281 other rigs mostly drill

  4. Outlook - 5 reasons why 2015 is looking like a breakout year for alternative investments, Hedge fund manager Dan Loeb predicts disappointment for funds seeking energy distress[more]

    5 reasons why 2015 is looking like a breakout year for alternative investments From Forbes.com: …After a strong 2014, the public markets have been off to a choppy start in 2015. This year, savvy investors may be looking for alpha elsewhere. For many institutions and high-net-worth indivi

  5. Event-driven strategies lead hedge fund gains in February while CTA rally shows signs of fatigue[more]

    Komfie Manalo, Opalesque Asia: Hedge funds ended February on a good note (+0.8%), confirming the positive momentum witnessed since the start of the year, reported Lyxor Asset Management in its Weekly Briefing. As of the end of February, the Lyxor He