Lumiere Wealth, which is majority owned by holding company Providence Global, was launched in Jersey in 2015 at the island’s prestigious Waterfront complex in the expanding finance district of Castle Quay. It is understood to have a staff of 12.
Earlier this week the Royal Court of Guernsey appointed Deloitte as administration managers to Providence Investment Funds and its manager Providence Investment Management International Ltd (Pimil), which are also part of the Providence Global Group, after all of the directors of both companies resigned.
The founder and managing director of Lumiere Wealth, Chris Byrne, left the IFA firm in June “due to ill health”, the company said when contacted by International Adviser.
Byrne’s career prior to joining Lumiere Wealth included over 15 years as a wealth manager at RBS International & NatWest Offshore in Jersey, where he focused on investment consultancy and management.
John Harris, director general of the Jersey Financial Services Commission, said in a statement issued on Friday that it was aware of the recent action taken by the Guernsey Financial Services Commission (GFSC) in successfully applying to place Providence Investment Management International and Providence Investment Funds PCC into administration.
“Providence Investment Funds PCC Limited had been recommended to clients by Lumiere Wealth Limited, a Jersey regulated independent financial adviser which forms part of the Providence Group.
“The JFSC has been working closely with the GFSC on this case following the launch of the JFSC’s own investigation into the sale of the Providence Investment Funds PCC to Jersey residents.”