Providence Financial, the Brazil-based emerging markets firm, has entered into an agreement with Fund Corporation to acquire the company to mark its foray into fund administration industry in Guernsey.
The financial details of the agreement were kept under wraps, with the transaction, agreed in principle, currently awaiting regulatory approval.
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The Providence Financial will recruit all the 10 Fund Corporation employees at its new Guernsey office. Paul Everitt currently working as Fund Corporation’s managing director will head the Guernsey operation and the London office.
Trust Corporation executive chairman and Fund Corporation director Michael Betley said that the acquisition of Fund Corporation would be an effective way for Providence 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," added Betley.
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