Providence launches exciting Guernsey fund
Providence Investment Management International Limited is pleased to announce the launch of Providence Investment Funds PCC Limited, a closed-ended Guernsey registered fund designed to unlock attractive fixed income returns from Brazil of between 9.50% and 14.25% per annum.
At a time when many investment managers are seeking increased yields for their clients amongst uncertain traditional investment markets, the new fund provides exposure to the exciting and rapidly developing Brazilian economy, which overtook the United Kingdom last December as the world's 6th largest economy.
The fund offers uncorrelated, fixed coupon absolute returns from investing in the factoring of receivables of small and medium sized businesses in Brazil. These receivables are typically 30 to 180 day in tenure and are purchased at a discount generally in excess of 2% per month.
The minimum initial investment is US$50,000 (or currency equivalent) and 16 closed ended cells distinct as to investment currency (US dollars, euros, pounds sterling and Swiss francs), investment term (18 or 36 months) and distribution payment frequency (monthly or quarterly) are available to investors.
Providence, co-founder of The Providence Companies Group, said, ?We have been offering investors in the Americas the opportunity to benefit from exposure to the Brazilian factoring market by way of attractive fixed coupon investment returns for several successful years and are delighted to now bring these opportunities to a wider audience by way of our new Guernsey fund. Having researched several other jurisdictions in recent years, we have been impressed with the quality and professionalism of the Guernsey financial services industry and believe that these attributes will serve us well over the coming months and years.'
The fund's Guernsey administrator is Fund Corporation of the Channel Islands Limited whose managing director Paul Everitt added, ?This is a very interesting new fund for us to be taking on and, having visited and researched the Brazilian marketplace with Providence Companies' assistance in recent months, we are excited to be helping to bring this investment opportunity to the market.'
Steve Dewsnip, a director of both Providence Investment Management International Limited and Fund Corporation of the Channel Islands Limited, also commented, ?Raising credit by way of factoring is a way of life in Brazil and, by Brazilian standards, a relatively inexpensive way of obtaining finance. Our new fund provides international investors with access to this exciting and thriving sector of the economy which is not generally accessible to foreign investors. With the attractive and regular high income payable throughout the term of the relatively short investment period, we expect there to be a great deal of interest in it from professional investment advisers and their clients.'
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