Carne Group acquires $5bn management company from Mizuho Trust & Banking (Luxembourg) S.A.

02 July 2025

Carne Group (Carne), Europe’s leading third-party management company, has completed the acquisition of Japan Fund Management (Luxembourg) S.A. (JFML) from Mizuho Trust & Banking (Luxembourg) S.A.  

JFML manages approximately $5bn and supports the overseas investment of Mizuho’s Japanese institutional clients.  

Carne is acquiring the entire issued share capital of JFML, further extending the firm’s position as the leading third-party management company in Luxembourg, where it is currently ranked #1 for AUM, having grown assets by 48% since December 2023.  

The deal aligns with Carne’s strategy to strengthen its position in the Japanese funds sector, building on long-established relationships with key clients in the region.  

This is an industry-wide theme as illustrated in Carne’s recent Supermodel report of 200 global fund managers on the changing dynamics of fund operations. The report highlights the preference to work with external specialists to deliver solutions in multiple domiciles and asset classes.   

Outsourcing in this way enables them to focus on core activities like investment management, while reducing the impact of increasingly complex regulatory requirements and rising operational costs.  

“We’re honoured that Mizuho is trusting Carne with its most important clients, and the meetings I’ve already had with several of them have been very positive; they really understand the benefits of partnering with specialist service providers as they look to increase international allocations in the future,” explains John Donohoe, Founder and CEO of Carne. 

“This deal is just one example of a ‘super-evolution’ that is rapidly gathering pace across the funds industry: even the biggest firms are seeking to outsource complex parts of their operations to third parties in ways that would have been unthinkable even a few years ago,” he adds.  

Third-party management companies in Luxembourg now manage over $1 trillion in assets, according to PwC. This represents a three-fold increase over six years, from 6% in 2018 to 19% in 2024.