Case Studies
Service Provider Review and Improve
Carne were appointed by an institutional asset manager to review a key service provider with a view to benchmarking level of service and cost versus the market. The objective was to leverage improvements in both service delivery and cost, rather than change providers.
Initially, Carne established a preferred service model by using our market knowledge of other providers to extract the ‘best of breed’ for each aspect of the service. The service provided to our client was then benchmarked against the preferred model. The results of the benchmarking process identified areas of risk and allowed our client to leverage improvements in service and mitigate those risks.
Recommended improvements to the rate card were also identified based on our broad knowledge of the market. Those recommendations allowed for the negotiation of highly significant savings.
Outsource of Operations
Carne were appointed by a European Asset Manager to assist in various aspects of a strategic outsource of operations. Our client acquired the London operation of a global Asset Manager and established a project to manage the integration of middle and back office services into their strategic outsource provider.
Carne provided assistance on a number of areas;
· Interim Management of legacy Operations throughout the process.
· Strategic input to migration of staff, system and records.
· Lead role in management of relationship between our client and their outsource provider.
Interim Head of Operations for a London Hedge Fund
Our client required a London Head of Operations at short notice. The client was a multi-strategy international hedge fund with offices in New York, London and Singapore. Our objective was to stabilise the London operations processes and reduce operational risk.
Carne were able to provide a suitably qualified, experienced senior manager to fill the role for 4 months. Working with Portfolio Managers and support staff, our secondee ensured operational process and control was maintained and improved as required.
Assisting a Hedge Manager in establishing a UCITS III 130/30
Our client wanted to establish a UCITS III with long and synthetic short positions.
We assisted the client in writing the business plan as well as the risk management process to be filled with the Irish regulator. We also assisted the manager in setting up the ongoing monitoring process by providing a template for monitoring compliance and risks limits.
We were also appointed as director on the Fund.
Assisting a Hedge Manager in establishing a UCITS trading commodity indices
We have established a management company and a whole fund range in Ireland. As part of the establishment of the management company we assisted in writing the business plan. We have also been appointed as Director of the management company and the funds.
Carne wrote the RFP and advised on the selection of the administrator and custodian.
We are also providing ongoing accounting services for the management company.
Hedge Fund Manager system selection and implementation
We assisted in validating the business requirements and target the operating model as well as identified the key decision making criteria. Then we evaluated the various implementation options and assessed them against the key criteria.
We produced a list of viable approaches and conducted research in order to identify potential providers, which lead us to produce a short list of providers the client wished to send the RFP to.
We reviewed and evaluated the responses as well as conducted due diligence on the best fit. Then we agreed contractual and financials with the chosen provider and assisted hands on all along the implementation phase.