Brazilian fund administrator Providence Financial is set to buy Fund Corporation, a Guernsey fund administration firm.
All 10 Fund Corporation employees will join a newly established Providence Financial Guernsey office.
Fund Corporation, founded in 2007 by the Trust Corporation Group, specialises in fund and investment administration across a range of asset classes and fund structures.
Providence Financial is an emerging markets specialist and is headquartered in London, with administrative hubs in Guernsey, Miami and Sao Paulo, and also has significant operations in Brazil.
Michael Betley, Trust Corporation executive chairman and Fund Corporation director, says: “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.”
Trust Corporation will now focus on trusts, its principal business focus since inception 11 years ago, and will continue to employ 25 people at Kings House, its premises in the Grange.
©2014 funds europe
