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, St Peter Port.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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