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…
The introduction of the Alternative Investment Fund Managers Directive (AIFMD) has significantly changed the way US managers of alternative funds are able to market their funds in Europe. As with UCITS, the Directive provides fund managers with the opportunity to passport their funds in Europe under a regulated brand which investors will respect and which paves the way for the creation of a new market in cross-border alternative funds.
For US fund managers with Cayman funds, options for now (at least until July 2015) are limited to private placements or reverse solicitation, each of which carries its own set of unique risks, limitations, and complexity.
For managers interested in more broadly accessing European-based capital with either an Irish or Luxembourg domiciled fund, Carne offers several solutions tailored to meet a US manager’s immediate and long term AIFMD needs. Read More…
Effective 4 June 2014, the Cayman Islands government has approved the Directors Registration and Licensing Law, 2014 (the “Law”), which requires all directors of mutual funds regulated under the Mutual Funds Law (2013 Revision) and directors of companies registered as ‘excluded persons’ under the Securities and Investment Business Law (2011 Revision) (“Covered Entities”) to register with the Cayman Islands Monetary Authority (“CIMA”) within three months. (Corporate directors have 6 months to be licensed.) Non-compliance with the Law carries with it significant financial penalties and in some cases, imprisonment. Read More…
New publication addresses many of the questions fund managers will have about the AIFM Directive and alternative fund distribution in the EU.
Carne has launched the latest in its popular series of guides for fund managers, the AIFMD Guide for Asset Managers. The Guide was released at the Funds Congress in London last month.
The publication is intended as a comprehensive primer on the Directive, written specifically for product developers and fund managers considering the complexities of the AIFMD and how it applies to their own distribution strategies.
Said John Donohoe, CEO of Carne Group: “There remains a great deal of confusion in some quarters of the funds industry about the obstacles and requirements of the AIFMD. We felt there was a need to explain, in clear language, what the Directive requires, and what fund managers should be thinking about now it is coming into force. We hope this will prove a useful reference tool for alternative managers revisiting the topic of European funds distribution.”
The Guide follows the publication of earlier successful Carne booklets on Fund Redomiciliation and UCITS for Alternative Fund Managers. It has been written by Carne’s in-house team of independent fund directors and distribution experts.
Carne now offers AIFMD Management Company and Self-Managed Funds solutions in both Ireland and Luxembourg, and was the first firm to gain authorisation for an independent AIFMD manco in Ireland. Carne also has experienced risk management teams in both locations to provide outsourced risk management expertise under the terms of the Directive.
The AIFMD Guide for Asset Managers is available from Carne’s website, or a hard copy or PDF can be obtained from Carne directly by emailing Joe Hardiman (North America) – firstname.lastname@example.org or Cindy Turner (Europe) – email@example.com
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…
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…