Since acquiring the Guernsey fund administration business in
September, Providence has already doubled its workforce on the
Island and has opened a new office in Guernsey as its international
administration headquarters. The new office will house Lumiere Fund
Services as well as Providence's own growing global
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."
Providence, which has a lighthouse as its core brand motif, has
rebranded Fund Corporation as Lumiere, to better reflect their
relationship. Lumiere Fund Services will build on Fund
Corporation's expertise in providing outsourced administration
services for a range of asset and investment managers.
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
Paul Everitt, formerly 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 £25m onshore
mini-bond for retail investors in the UK.
"Providence is not sitting on its laurels. It recognises
that its continued success and growth depend on its ability to
recruit good people - and that 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."
Probably the most significant change from previous practice in Guernsey law under the Companies (Guernsey) Law 2008, which came into effect on the 1 July 2008, was the consignment to history of the concept of capital maintenance, which was discarded in favour of a solvency model as the basis of a company’s ability to pay distributions and dividends.
In Re: Caversham Trustees Limited  JRC 65, the Royal Court set out steps that should be taken by an outgoing trustee in order to comply with its duty to transfer trust assets to the new trustees, and provided further guidance as to what security the trustee could legitimately require.
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