Providence Sites Fund Admin HQ In Guernsey
by Jason Gorringe, Lowtax.net, London
31 December, 2014
Brazil's Providence Global has completed its acquisition of Guernsey fund administrator Fund Corporation, rebranding it as Lumiere Fund Services.
Since acquiring the Guernsey fund administration business in September, Providence has already doubled its workforce in Guernsey and has opened a new office in Guernsey as its international administration headquarters. The new office will house Lumiere Fund Services and Providence's own growing global administration team.
Providence Co-Founder Antonio Buzaneli said, "The continued growth of Providence is testament to our unique approach to doing business. Guernsey is a proven environment in which to successfully deliver investment administration services, and we see it becoming a pivotal hub for our future operations."
Roger Parry, a Co-Founder of Fund Corporation and now Managing Director of Lumiere Fund Services, said: "When Providence announced its acquisition of Fund Corporation, it made clear that it was committed to growing the fund administration side of the business as a separate division within the Providence group and supporting our entrepreneurial drive. There are 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."
Paul Everitt, former Managing Director of Fund Corporation and Co-Founder, has taken on a dual role as CEO of Providence Global as well as Non-Executive Chairman of Lumiere. He said: "It's been a busy year for Providence. We've had the Guernsey acquisition and move, the opening of a new global fundraising headquarters in the City of London and the recent launch of the Providence Bond - a GBP25m (USD38.9m) onshore mini-bond for retail investors in the UK."
The Providence Group has many subsidiaries and branches worldwide; it has multiple offices across Brazil and offices in Hong Kong, Taipei, Shanghai, Suzhou, Singapore, Vancouver, Seattle, Dallas, Miami, the Cayman Islands, London, Guernsey, Jersey, Istanbul, Dubai, Panama, and Puerto Rico.
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