Global financial services provider Providence has
reinforced its strong commitment to Guernsey after representing the
Island at STEP LatAm Conference in Brazil.
Marcelo Bernardez Fernandez, Chief Operating Officer in Brazil,
was part of the team representing Guernsey Finance – the
promotional agency for the Island's finance industry
internationally – on its exhibition stand at the two-day
event in São Paulo.
Mr Fernandez said the event had provided an invaluable
opportunity to inform advisers in South America about
Guernsey's expertise as an international finance centre.
"It was an honour to be at a local conference promoting
Guernsey and explaining how Providence has experienced continued
growth and success as a result of basing its headquarters
there," he said.
Providence has had a base in Guernsey since September 2014, when
it completed the acquisition of Guernsey licenced fund
administrator Fund Corporation – now renamed Lumiere Fund
Antonio Buzaneli, Co-Founder and Chief Executive, said that the
decision to be based in Guernsey was the right one and added that
he was delighted to continue to strengthen Providence's
presence in the Island, growing from a team of 10 to more than 30
"Guernsey offers us a credible, well-regulated environment
and is home to a pool of investment talent. We have been really
impressed with the quality and professionalism of the Guernsey
financial services industry and believe that these attributes will
continue to serve us well over the coming years."
Before establishing a Guernsey base in 2014, Providence had
previously launched a Guernsey Financial Services Commission
registered investment fund in 2012, giving investors the
opportunity to make significant investment returns from the South
American factoring market.
Mr Buzaneli added: "Raising credit by way of factoring is a
way of life in Brazil and by Brazilian standards, a relatively
inexpensive way of obtaining finance. The recent change in
Brazil's credit rating has had a positive effect on Providence
and its investors by bolstering the alternative lending
environment. As banks' lending criteria tighten and the
costs of conventional borrowing increase, demand for
Providence's factoring services continues to grow and, in the
past few months alone, requests for Providence funding have
steadily increased three-fold from $300,000 to more than $1 million
"Providence's fund provides international investors
with access to this exciting and thriving sector of the economy,
which is not generally accessible to foreign investors and the
returns that we can offer are uncorrelated to the turmoil seen in
capital markets, with our risk already factored in."
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