Brazil’s Providence Financial has snapped up fellow fund administrator Fund Corporation in a move that now gives them a presence in Guernsey.

Brazil’s Providence Financial has snapped up fellow fund administrator Fund Corporation in a move that now gives them a presence in Guernsey.

All 10 Fund Corporation employees will join a newly-established Providence Financial Guernsey office.

Headquartered in London, Providence Financial is an emerging markets specialist with administrative hubs in Guernsey, Miami and Sao Paulo and significant operations in Brazil.

“This is an exciting opportunity as Providence Financial is aspirational about growing its Guernsey business,” said Paul Everitt, managing director at Fund Corporation,

“Guernsey has been chosen as the offshore hub for what will become a global integrated financial services platform and we look forward to the impetus that this will provide for the fund administration team.”

Fund Corporation was founded in 2007 by the Trust Corporation Group and provides fund and investment administration across a wide range of asset classes and fund structures.

Trust Corporation will continue to employ 25 people at Kings House, its premises in the Grange.