Investors in Providence Investment Funds PCC Ltd on Wednesday received letters telling them that the fund had been put into administration by Guernsey’s Royal Court.
The fund had been recommended to Jersey clients by Lumiere Wealth Ltd, an independent financial advisory firm with a prestigious office suite at Castle Quay on the Waterfront.
Lumiere Wealth, affiliated to Miami-headquartered Providence Group, was established in Guernsey in 2014 and moved into Jersey only last year and until recently 16 staff were employed in the Jersey office under managing director Chris Byrne.
