Providence, US-based financial services firm, has acquired Guernsey-based Fund Corporation for an undisclosed sum.

In addition, Providence is planning to open new headquarters on the Channel Island, reported International Adviser.

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Upon completion of the acquisition, Providence will rename Fund Corporation as Lumiere Fund Services under which it will continue to provide outsourcing fund administration services for asset and investment managers.

The renamed firm will be led by co-founder of Fund Corporation Roger Parry.

The acquisition comes as part of Providence’s expansion plans which also include the launch of a new global fundraising headquarters in London.

Providence co-founder Antonio Buzaneli said that he intends Guernsey to become a pivotal hub for its future operations.

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Parry, managing director of Lumiere, said the acquisition has made clear that Providence was committed to supporting Fund Corporation’s entrepreneurial drive.

"There was a shared vision and culture of working closely with clients to help them achieve their long term objectives. It was an obvious acquisition for them. There are also 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," Parry added.

Paul Everitt, co-founder of Fund Corporation, who has assumed a dual role as CEO of Providence Global and non-executive chairman of Lumiere, said: "It recognizes that its continued success and growth depend on its ability to recruit good people, which 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," he added.

Currently, Providence has 21 offices across 12 different regions.