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

Carne makes new hires to support growing demand for its AIFMD management companies

Martin Anderson and Neil Clifford join Carne’s highly regarded AIFMD team to support its management companies in Ireland, Luxembourg and the Channel Islands.

Carne Group, the leading provider of governance and oversight services for the global asset management industry, has announced two hires in its Irish office to support the increasing demand for its AIFMD management company services, including its independent ‘mancos’ in Ireland, Luxembourg and the Channel Islands and associated risk management.

Neil Clifford joins Carne from Irish Life Investment Managers where he was Head of Alternatives and oversaw an external hedge funds portfolio. He has also supervised ILIM’s illiquid investments in private equity and infrastructure, including acting as an independent director on a number of investee companies. Neil is a former equity fund manager and a qualified risk management professional.

Martin Anderson also joins Carne, having previously held senior management roles at RBC Investor Services including overseeing the bank’s sub-custody network and change programme. He has spent over 20 years in the funds industry, including 10 years at Northern Trust in Dublin where he held a number of roles, including Head of European Transfer Agency and Managing Director with the Irish fund administration business. Martin is a qualified Chartered Accountant and has also worked as an Audit Manager with KPMG in Bermuda. Read More…


Carne supports launch of River and Mercantile UK Microcap Investment Company with Channel Islands Management Company

Regulated non-EU AIFM enables distribution into the UK

CHANNEL ISLANDS, December 2014: Carne Group, a leading provider of governance and oversight services for the global asset management industry, has been chosen to provide support for the successfully listed River and Mercantile UK Micro Cap Investment Company Limited, which is domiciled in Guernsey. The Company will be admitted to the  Premium Segment of the Official List of the UK Listing Authority and commence trading on the 2nd of December 2014 on the London Stock Exchange.

The Company is making use of Carne’s Channel Islands management company, which was authorised as an AIFM by the Jersey Financial Services Commission (JFSC) in October. The management company is a non-EU AIFM structure which can be used to distribute funds into the UK under the National Private Placement Regime.

The Company’s assets will be managed by River and Mercantile Asset Management LLP, which is authorised and regulated by the Financial Conduct Authority. River and Mercantile is a UK-based investment management firm specialising in managing UK and global equities for institutional and retail investors. Read More…


The Carne Hedge Fund Governance Series – Issue 5: Operational Functions of Fund Boards

Introduction

This is the fifth issue in the Carne Hedge Fund Governance Series and examines some of the critical operational functions that should be overseen by fund directors.

Following the Weavering Case and general calls for better corporate governance standards as a result of the financial crisis, the Cayman Islands Monetary Authority (‘CIMA’) published a Statement of Guidance (SOG) on 13 January 2014, setting out the minimum governance standards for directors of funds registered with CIMA.

The SOG sets out the key corporate governance principles for both the “Governing Body” and “Operator” of a Regulated Mutual Fund. The terms “Governing Body” and “Operator” are synonymous with the board of directors of a company, the general partner for a limited partnership or the trustees of a unit trust.  The SOG is intended to be in line with international governance practices as well as codifying common law principles, including many of those set out in the Weavering case.

Fund governance best practice calls for hedge fund directors to take a proactive role in overseeing critical areas such as middle office functions, broker/bank account opening and closing, cash and security reconciliations, control over fund payments, cross trades management, oversight of delegates, side letter control and valuations and securities pricing. This briefing also includes a discussion of the operational policy documentation funds may be expected to have in place. Read More…


Carne receives approval for new AIFM Manco in the Channel Islands

AIFMD-compliant Management Company now available for alternative investment managers, including private equity and real estate funds.

Carne Group, one of the leading providers of governance and AIFMD solutions to the alternative investment industry, has received authorisation for an independent AIFMD-compliant management company in the Channel Islands. The new management company has become immediately operational with Carne Group’s fund clients. It is particularly suitable for alternative fund managers, including credit, hedge fund, private equity, infrastructure and real estate investment firms.

Carne has received authorisation as a fund services business from the Jersey regulator, the Jersey Financial Services Commission (JFSC). Read More…


Carne launches new edition of UCITS Guide for fund managers

Latest version of popular guide provides information for both long only and alternative managers.

Carne has published a new edition of its popular UCITS Guide for Investment Managers. The A5 booklet has proved popular with product development teams seeking practical guidance on distributing funds under the UCITS IV Directive.

The new edition of the guide has been updated by Carne’s team of regulatory experts to include the latest changes to European funds legislation and now addresses the information needs of both alternative and long only fund managers.

Said John Donohoe, CEO of Carne Goup: “Carne continues to work with many of the leading names in asset management, helping them to meet their regulatory and substance requirements under the UCITS Directive. We have found that our UCITS Guide has proved particularly popular, as a handy-sized reference digest of the critical information product developers need to be aware of when launching UCITS funds.” Read More…


New Carne office in Channel Islands to provide governance for Jersey and Guernsey funds

Mark Hodgson joins Carne’s leading team of independent fund directors to provide oversight for Channel Islands funds, including private equity, infrastructure and real estate.

Carne Group, the leading global provider of governance and oversight services for asset managers, has opened a new office in the Channel Islands. Joining Carne as Managing Director responsible for the Channel Islands is Mark Hodgson, who will be available immediately to serve as an independent director on Jersey and Guernsey fund boards. Read More…


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