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 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."
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 come."
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."
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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