Financial services firm Providence has bought Guernsey based Fund Corporation and is set to establish a new headquarters on the Channel Island.
Following the acquisition, Providence said it is to rebrand Fund Corporation, Lumiere Fund Services which will continue to provide outsourcing fund administration services for asset and investment managers as a division of the wider group.
Providence, which has its headquarters in Miami, now has 21 offices in 12 different regions, and co-founder Antonio Buzaneli said he expects Guernsey will become “a pivotal hub for its future operations”.
The acquisition is one in a long line of Providence expansions, including the opening of a new global fundraising headquarters in London.
The firm also recently launched the Providence Bond, a £25m onshore mini-bond for retail investors in the UK.
Co-founder of Fund Corporation and now managing director of Lumiere, Roger Parry, said the acquisition has “made clear that [Providence] was committed to supporting [Fund Corporation’s] entrepreneurial drive”.
“There was a shared vision and culture of working closely with clients to help them achieve their long term objectives. It was an obvious acquisition for them.
“There are also exciting plans in the pipeline for a suite of Lumiere propositions and the bigger, modern office is an early tangible signal that a lot more is to come.”
Fund Corporation co-founder Paul Everitt has taken on a dual role as chief executive of Providence Global and non-executive chairman of Lumiere. He said: “It’s been a busy year for Providence; it’s not sitting on its laurels. It recognises that its continued success and growth depend on its ability to recruit good people, which was a key driver in the Fund Corporation acquisition.
“It is giving staff within the Lumiere business as well as the Providence administration team the facilities and resources to fulfil their potential and ensure we all continue to provide a first-rate service.”