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Jersey IFA investigated for selling Providence Investment Funds

By Mark Battersby, 12 Aug 16

Jersey’s financial services regulator has launched an investigation into the sale of the Providence Investment Funds to clients of Jersey-based independent financial adviser firm Lumiere Wealth.

Jersey’s financial services regulator has launched an investigation into the sale of the Providence Investment Funds to clients of Jersey-based independent financial adviser firm Lumiere Wealth.

In 2015 Lumiere Wealth (London) was launched in the UK, the same year as the Jersey company was established.

The Providence Group website also stated plans to launch Lumiere Wealth (MENA) “soon” in Dubai.

Providence Group, a financial services and trading global group with 28 offices worldwide, was launched in the US in 2004 by Brazilian lawyer Antonio Buzaneli, specialising in secured business lending primarily in the US, Brazil and Asia.

In December 2014, Providence bought Guernsey based Fund Corporation to establish a new headquarters on the Channel Island. Following the acquisition, Providence rebranded Fund Corporation as Lumiere Fund Services which provides outsourcing fund administration services for asset and investment managers as a division of the wider group.

Providence Investment Funds PPC was set up in Guernsey in 2012.

Pages: Page 1, Page 2

Tags: Jersey | Lumiere Wealth

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.