Keeping in touch with Carne: find out what is happening around the funds industry and get the latest updates from the experts.

Senior hires for Carne’s Irish fund director team

Des Fullam and Syl O’Byrne bring respected track records in funds business to Irish fund boards.

Carne Group, the specialist in oversight and governance services for the global asset management industry, has appointed two senior personnel to its Irish management team. The recruits join Carne as the firm continues to expand globally following increased demand for independent governance from investors and fund managers. Read More…

Non-Executive Fund Directors in the New World

NB – This article first appeared in the Augentius Technical Newsletter, 4th April, 2014

The call for changes in the way that alternative fund boards are constituted, and in the role played by directors on those boards, is becoming increasingly evident in both the press and in the opinions being expressed by investors. At a time when investors are already keen to increase their allocations to alternative funds, the governance issue is acting as a drag on the flow of investment.

The changing responsibilities

Directors are increasingly being held to account by investors and regulators. Investors are demanding that independent fund directors devote adequate time to the individual boards of the funds that they sit on, that they have the appropriate skills, experience and background to understand those funds they are responsible for, and that they are sufficiently independent from the investment manager (and its service providers) to be able to provide autonomous oversight. Read More…

Carne wins Global Custodian award for Best Adviser on Corporate Governance

Recognition by Global Custodian’s readers of Carne’s role as the leading global provider of governance and oversight solutions for fund managers.

Carne, the leading provider of governance and oversight solutions for the global asset management industry, has won the award for Best Adviser on Corporate Governance from Global Custodian magazine. The award is part of Global Custodian’s inaugural Technology, Consultancy and Law awards, which recognise “innovative firms bringing real change to the industry”. Read More…

Distributing Alternative Investment Funds in Europe

The Alternative Investment Fund Managers Directive (“AIFMD”) entered into force in the European Union in 2011, with member states required to implement it by July 2013. The Directive covers managers of alternative investment funds (“AIFs”) who distribute or domicile their products within the European Union.

Does the Directive affect US managers?

If a US fund manager sets up a new EU domiciled AIF it must be compliant with the Directive immediately from launch. If you have a Cayman Islands fund currently distributed in Europe or are planning to distribute a Cayman Islands fund in Europe, it will likely be impacted from 2015 and may already be impacted. Managers of Cayman Islands funds can currently make use of the private placement and / or reverse solicitation regimes, but likely not for much longer. Read More…

Funds Congress 2014 – London, 20 March

Thursday 20th March at ETC Venues, 200 Aldersgate, London

A free to attend conference in London for asset management professionals. Hear about the latest developments and trends in global fund management from industry experts.

Email to register.

Why attend?

Funds Congress is a great opportunity to hear from the leading executives and influencers in global asset management, both long only and alternative strategies. At this year’s Funds Congress, we are hosting a series of incisive panel discussions covering the topical and relevant issues that are affecting investment management firms in 2014, from governance to AIFMD, managing conflicts of interest to product development.

Now in its third successful year, Funds Congress has proved a particularly popular event with the European asset management industry, with both morning and afternoon panels, and networking opportunities over lunch and drinks.

Come and hear experts and decision makers give their views on the major issues shaping your industry this year. Read More…

CIMA issues important Statement of Guidance for boards of Regulated Mutual Funds

New recommendations will help fund managers to meet governance expectations of investors.

The Cayman Islands Monetary Authority (CIMA) has issued its proposed Statement of Guidance for Regulated Mutual Funds (SOG) – available on the CIMA website. CIMA has reviewed and considered the industry comments it received during an extensive consultation process and has confirmed the final draft of the SOG for Mutual Funds, with effect from 13 January, 2014.

The SOG has been issued following an extensive survey and consultation by CIMA which found that 61% of institutional investors believed that governance was inadequate and another 25% believed it needed improvement. By contrast, only 7% of investment managers believed it to be inadequate. Given that investors and managers should work in partnership, these findings were concerning to many who had the interests of the asset management industry at heart.

Read More…

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