Sat, Nov 18, 2017
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. Middle East - Saudi-Iran war would create this domino effect of global disaster, Saudi billionaires said to move funds from region to escape asset freeze[more]

    Saudi-Iran war would create this domino effect of global disaster From CNBC.com: Events appear to be spinning out of control in the Middle East, and the threat a Saudi-Iranian war is looking increasingly credible. Make no mistake, an out and out conflict between the two nations would be

  2. Paradise Papers - Robert Mercer's effort to avoid taxes appears in Paradise Papers, Tycoon made $41m from 'people's fund', Oxford and Cambridge 'investing millions of pounds offshore', Paradise Papers reveal[more]

    Robert Mercer's effort to avoid taxes appears in Paradise Papers From Therealnews.com: The Guardian has reported that conservative billionaire and Trump backer Robert Mercer "appears as a director of eight Bermuda companies in the Paradise Papers," the trove of documents reviewed by the

  3. Wall Street hedge fund veteran hits highs with copycat tactics[more]

    From FNLondon.com: A Wall Street veteran who has made big returns for wealthy clients by piggybacking on the strategies of well-known hedge funds is taking his novel approach to stock-picking to institutional clients. Dixon Boardman, chief executive of $2.5bn fund of hedge funds Optima Fund Ma

  4. Launches - Eaton Vance, Oaktree to launch diversified credit NextShares fund, FIM launches Nordic AI-powered fund[more]

    Eaton Vance, Oaktree to launch diversified credit NextShares fund Eaton Vance Management, a subsidiary of Eaton Vance Corp., announced the expected mid-November launch of Eaton Vance Oaktree Diversified Credit NextShares, a new Eaton Vance-sponsored exchange-traded managed fund. Eaton Va

  5. Outlook - Gundlach's stock market warning comes true[more]

    From Bloomberg.com: Jeffrey Gundlach has been warning something's got to give. Based on the past two days, looks like we have our answer. Stocks fell around the world a second day and high-yield bonds headed for a fourth straight loss, resuming a historic correlation that the hedge fund manager on W